Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 28, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-38168 | ||
Entity Registrant Name | CorePoint Lodging Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 82-1497742 | ||
Entity Address, Address Line One | 125 E. John Carpenter Freeway, Suite 1650 | ||
Entity Address, City or Town | Irving, | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75062 | ||
City Area Code | 972 | ||
Local Phone Number | 893-3199 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | CPLG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 484 | ||
Entity Common Stock, Shares Outstanding | 57,205,809 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement relating to its 2020 annual meeting of stockholders are incorporated by reference into Part III of this Form 10-K to the extent stated herein. The registrant intends to file such definitive proxy statement with the Securities and Exchange Commission no later than 120 days after the end of its fiscal year. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001707178 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Real estate: | ||
Land | $ 604 | $ 694 |
Buildings and improvements | 2,162 | 2,562 |
Furniture, fixtures, and other equipment | 347 | 387 |
Gross operating real estate | 3,113 | 3,643 |
Less accumulated depreciation | (1,216) | (1,386) |
Net operating real estate | 1,897 | 2,257 |
Construction in progress | 14 | 43 |
Total real estate, net | 1,911 | 2,300 |
Right of use assets | 21 | 0 |
Cash and cash equivalents | 101 | 68 |
Accounts receivable, net | 33 | 33 |
Other assets | 43 | 54 |
Total Assets | 2,109 | 2,455 |
Liabilities: | ||
Debt, net | 915 | 1,014 |
Mandatorily redeemable preferred shares | 15 | 15 |
Accounts payable and accrued expenses | 82 | 99 |
Dividends payable | 11 | 12 |
Other liabilities | 43 | 11 |
Deferred tax liabilities | 6 | 7 |
Total Liabilities | 1,072 | 1,158 |
Equity: | ||
Common Stock, $0.01 par value; 1.0 billion shares authorized; and 57.2 million and 59.5 million shares issued and outstanding as of December 31, 2019 and 2018, respectively | 1 | 1 |
Additional paid-in-capital | 954 | 974 |
Retained earnings | 80 | 319 |
Noncontrolling interest | 2 | 3 |
Total Equity | 1,037 | 1,297 |
Total Liabilities and Equity | $ 2,109 | $ 2,455 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 1,000,000,000 | 2,000,000,000 |
Common Stock, shares issued (in shares) | 57,200,000 | 59,500,000 |
Common Stock, shares outstanding (in shares) | 57,200,000 | 59,500,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Revenues | $ 812,000,000 | $ 862,000,000 | $ 836,000,000 |
Operating Expenses: | |||
Property tax, insurance and other | 73,000,000 | 69,000,000 | 56,000,000 |
Management and royalty fees | 80,000,000 | 52,000,000 | 0 |
Corporate general and administrative | 41,000,000 | 85,000,000 | 76,000,000 |
Depreciation and amortization | 181,000,000 | 156,000,000 | 140,000,000 |
Impairment loss | 141,000,000 | 154,000,000 | 1,000,000 |
(Gain) loss on casualty and other | (2,000,000) | (4,000,000) | 2,000,000 |
Gain on sales of real estate | (32,000,000) | 0 | (4,000,000) |
Total Operating Expenses | 984,000,000 | 1,019,000,000 | 744,000,000 |
Operating Income (loss) | (172,000,000) | (157,000,000) | 92,000,000 |
Other Income (Expenses): | |||
Interest expense | (69,000,000) | (64,000,000) | (49,000,000) |
Other income, net | 33,000,000 | 15,000,000 | 1,000,000 |
Loss on extinguishment of debt | 0 | (10,000,000) | 0 |
Total Other Expenses, net | (36,000,000) | (59,000,000) | (48,000,000) |
Income (loss) from Continuing Operations before income taxes | (208,000,000) | (216,000,000) | 44,000,000 |
Income tax benefit (expense) | (4,000,000) | (21,000,000) | 109,000,000 |
Income (loss) from Continuing Operations, net of tax | (212,000,000) | (237,000,000) | 153,000,000 |
Loss from discontinued operations, net of tax | 0 | (25,000,000) | (1,000,000) |
Net Income (loss) | $ (212,000,000) | $ (262,000,000) | $ 152,000,000 |
Weighted average common shares outstanding - basic (in shares) | 57.1 | 58.4 | 58 |
Weighted average common shares outstanding - diluted (in shares) | 57.1 | 58.4 | 58.3 |
Earnings (loss) per share: | |||
Basic from continuing operations (in usd per share) | $ (3.71) | $ (4.04) | $ 2.63 |
Basic from discontinued operations (in usd per share) | 0 | (0.43) | (0.01) |
Basic earnings (loss) per share (in usd per share) | (3.71) | (4.47) | 2.62 |
Diluted from continuing operations (in usd per share) | (3.71) | (4.04) | 2.62 |
Diluted from discontinued operations (in usd per share) | 0 | (0.43) | (0.02) |
Diluted earning (loss) per share (in usd per share) | $ (3.71) | $ (4.47) | $ 2.60 |
Rooms | |||
Revenues: | |||
Revenues | $ 795,000,000 | $ 845,000,000 | $ 820,000,000 |
Operating Expenses: | |||
Cost of goods and services | 383,000,000 | 385,000,000 | 353,000,000 |
Other | |||
Revenues: | |||
Revenues | 17,000,000 | 17,000,000 | 16,000,000 |
Operating Expenses: | |||
Cost of goods and services | $ 119,000,000 | $ 122,000,000 | $ 120,000,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (212) | $ (262) | $ 152 |
Cash flow hedge adjustment, net of tax | 0 | 4 | 5 |
Termination of cash flow hedge | 0 | (3) | 0 |
Comprehensive net income (loss) | $ (212) | $ (261) | $ 157 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in- Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Beginning balance, shares (in shares) at Dec. 31, 2016 | 58,400,000 | ||||||
Beginning balance at Dec. 31, 2016 | $ 658 | $ 1 | $ (210) | $ 1,166 | $ (296) | $ (6) | $ 3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 152 | 152 | |||||
Equity-based compensation, (in shares) | 400,000 | ||||||
Equity-based compensation | 15 | 15 | |||||
Repurchase of common stock (in shares) | (100,000) | ||||||
Repurchase of common stock | (2) | (2) | |||||
Cash flow hedge adjustment, net of tax | 5 | 5 | |||||
Ending balance, shares (in shares) at Dec. 31, 2017 | 58,700,000 | ||||||
Ending balance at Dec. 31, 2017 | 828 | $ 1 | (212) | 1,181 | (144) | (1) | 3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of a change in accounting principle | 752 | ||||||
Net income (loss) | (262) | (262) | |||||
Dividends on common stock | (27) | (27) | |||||
Equity-based compensation, (in shares) | 1,100,000 | ||||||
Equity-based compensation | 11 | 11 | |||||
Retirement of treasury stock | 0 | 214 | (214) | ||||
Cash flow hedge adjustment, net of tax | 4 | 4 | |||||
Gain on termination of cash flow hedge | (3) | (3) | |||||
Final settlement of Spin-Off from La Quinta Holdings Inc. | $ 752 | 752 | |||||
Ending balance, shares (in shares) at Dec. 31, 2018 | 59,500,000 | 59,500,000 | |||||
Ending balance at Dec. 31, 2018 | $ 1,297 | $ 1 | 0 | 974 | 319 | 0 | 3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of a change in accounting principle | 18 | ||||||
Cumulative effect of a change in accounting principle | ASC Topic 842 | 1 | 1 | |||||
Net income (loss) | (212) | (212) | |||||
Dividends on common stock | (46) | (46) | |||||
Equity-based compensation, (in shares) | 400,000 | ||||||
Equity-based compensation | $ 11 | 11 | |||||
Repurchase of common stock (in shares) | (2,600,000) | (2,700,000) | |||||
Repurchase of common stock | $ (31) | (31) | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (1) | (1) | |||||
Final settlement of Spin-Off from La Quinta Holdings Inc. | $ 18 | 18 | |||||
Ending balance, shares (in shares) at Dec. 31, 2019 | 57,200,000 | 57,200,000 | |||||
Ending balance at Dec. 31, 2019 | $ 1,037 | $ 1 | $ 0 | $ 954 | $ 80 | $ 0 | $ 2 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||
Dividends on common stock, per share (in usd per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.267 | $ 0 | $ 0 | $ 0.8 | $ 0.467 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (212) | $ (262) | $ 152 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 181 | 160 | 148 |
Amortization of deferred costs and other assets | 22 | 12 | 7 |
(Gain) loss related to real estate casualties | (2) | (4) | 2 |
Loss on extinguishment of debt | 0 | 17 | 0 |
Impairment loss | 141 | 154 | 1 |
Gain on sales of real estate | (32) | 0 | 0 |
Equity-based compensation expense | 11 | 11 | 16 |
Deferred tax (benefit) expense | (1) | 6 | (112) |
Provision for doubtful accounts | 0 | 2 | 2 |
Changes in assets and liabilities: | |||
Accounts receivable | (9) | 9 | 2 |
Other assets | 9 | (11) | (31) |
Accounts payable and accrued expenses | 2 | 14 | (7) |
Other liabilities | 6 | 3 | 2 |
Net cash provided by operating activities | 116 | 111 | 182 |
Cash flows from investing activities: | |||
Capital expenditures, primarily investments in existing real estate | (74) | (167) | (218) |
Lender and other escrows | 5 | (20) | 0 |
Insurance proceeds related to real estate casualties | 11 | 25 | 6 |
Proceeds from sale of real estate | 161 | 6 | 33 |
Payment of franchise incentives | 0 | 0 | (2) |
Net cash provided by (used in) investing activities | 103 | (156) | (181) |
Cash flows from financing activities: | |||
Proceeds from debt | 0 | 1,060 | 0 |
Repayment of debt | (114) | (1,030) | (18) |
Debt issuance costs | 0 | (30) | 0 |
Issuance of mandatorily redeemable preferred shares | 0 | 15 | 0 |
Payment of property insurance financing | (11) | 0 | 0 |
Dividends on common stock | (46) | (16) | 0 |
Distributions to noncontrolling interests | (1) | 0 | 0 |
Proceeds on termination of cash flow hedge | 0 | 3 | 0 |
Payment for interest rate cap | 0 | (1) | 0 |
Purchase of common stock | (31) | (6) | (3) |
Reorganization and separation from La Quinta Holdings Inc. | 0 | (23) | 0 |
Collection of Spin-Off final settlement | 17 | 0 | 0 |
Net cash used in financing activities | (186) | (28) | (21) |
Increase (decrease) in cash and cash equivalents | 33 | (73) | (20) |
Cash and cash equivalents at the beginning of the year | 68 | 141 | 161 |
Cash and cash equivalents at the end of the year | $ 101 | $ 68 | $ 141 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization and Business CorePoint Lodging Inc., a Maryland corporation (“we,” “us,” “our,” “CorePoint” or the “Company”) is a lodging real estate company formed in May 2017, primarily serving the upper midscale and midscale segments, with a portfolio of select-service hotels located in the United States (“U.S.”). The following table sets forth the number of owned and joint venture hotels and approximate number of rooms as of December 31, 2019 , 2018 and 2017 , respectively: 2019 2018 2017 Hotels Rooms Hotels Rooms Hotels Rooms Owned (1) 270 34,800 314 40,200 316 40,400 Joint Venture 1 200 1 200 1 200 Totals 271 35,000 315 40,400 317 40,600 ____________________ (1) As of December 31, 2019 , we had no hotels designated as assets held for sale. As of December 31, 2018 and 2017 , owned hotels includes one and three hotels, respectively, designated as assets held for sale. For U.S. federal income tax purposes, we elected to be taxed as a real estate investment trust (“REIT”), effective May 31, 2018, with the filing of our U.S. federal income tax return for the year ended December 31, 2018. We believe that we are organized and operate in a REIT-qualified manner and we intend to continue to operate as such. As a REIT, we are generally not subject to federal corporate income tax on the portion of our net income that is currently distributed to our stockholders. To maintain our REIT status, we are required to meet several requirements as provided by the Internal Revenue Code of 1986, as amended (the “Code”). These include that the Company cannot operate or manage our hotels. Therefore, we lease our hotel properties to CorePoint TRS L.L.C., our wholly owned taxable REIT subsidiary (“CorePoint TRS”), which engages third-party eligible independent contractors to manage the hotels. CorePoint TRS is subject to federal, state and local income taxes. To maintain REIT status, we must distribute annually at least 90% of our “REIT taxable income,” as defined by the Code, to our stockholders. We intend to continue to meet our distribution and other requirements as required by the Code. Spin-Off from La Quinta Holdings Inc. On May 30, 2018 , La Quinta Holdings Inc. (“LQH Parent,” and together with its consolidated subsidiaries, “LQH”) completed the separation of its hotel ownership business from its hotel franchise and hotel management business. The separation (“Spin-Off”) was made as part of a plan to spin off LQH’s hotel ownership business into a stand-alone, publicly traded company, CorePoint, prior to the merger (“Merger”) of LQH Parent with a wholly owned subsidiary of Wyndham Worldwide Corporation, a Delaware corporation (“Wyndham Worldwide” and including its subsidiaries and affiliates, “Wyndham”). As part of the Spin-Off and Merger, Wyndham became franchisor and manager of our hotel operations. In accordance with accounting principles generally accepted in the United States of America (“GAAP”), the results of operations related to the hotel franchise and hotel management business are reported as discontinued operations for all periods presented. Notwithstanding the legal form of the Spin-Off, for accounting and financial reporting purposes, LQH Parent is presented as being spun-off from CorePoint (a “Reverse Spin”). This presentation is in accordance with GAAP and is primarily a result of the relative significance of CorePoint’s business to LQH’s business, as measured in terms of revenues, profits, and assets. Therefore, CorePoint is considered the divesting entity and treated as the “accounting successor,” and LQH Parent is the “accounting spinnee” and “accounting predecessor” for consolidated financial reporting purposes. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP. These consolidated financial statements present the consolidated financial position as of December 31, 2019 and 2018 and results of operations of CorePoint for the three years ended December 31, 2019 , giving effect to the Spin-Off, with the historical financial results of LQH Parent reflected as discontinued operations. These consolidated financial statements represent the financial position and results of operations of entities that have historically been under common control of the accounting predecessor, LQH Parent. The accompanying consolidated financial statements include our accounts, as well as our wholly owned subsidiaries and any consolidated variable interest entities (“VIEs”). We recognize noncontrolling interests for the proportionate share of operations for ownership interests not held by our stockholders. All intercompany transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. These estimates include such items as: income taxes; impairment of long-lived assets; casualty losses; fair value evaluations; depreciation and amortization; and equity-based compensation measurements. Actual results could differ from those estimates. |
Significant Accounting Policies
Significant Accounting Policies and Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Recently Issued Accounting Standards | Significant Accounting Policies and Recently Issued Accounting Standards Investment in Real Estate Property and equipment and other investments in real estate are stated at cost less accumulated depreciation computed using a straight-line method. Buildings and improvements have an estimated useful life of 5 to 40 years and furniture, fixtures and other equipment have an estimated useful life of 2 to 10 years. Leasehold improvements are depreciated over the shorter of the underlying lease term or the useful lives of the related assets, generally ranging from one to 25 years. We capitalize expenditures that increase the overall value of an asset or extend an asset’s life, typically associated with hotel refurbishment, renovation, and major repairs. Such costs primarily include third-party contract labor, materials, professional design and other direct costs, and during the redevelopment and renovation period interest, real estate taxes and insurance costs. The interest, real estate taxes and insurance capitalization period begins when the activities related to the development have begun and ceases when the project is substantially complete and the assets are held available for use or occupancy. Once such a project is substantially complete and the associated assets are ready for intended use, interest, real estate taxes and insurance costs are no longer capitalized. Normal maintenance and repair costs are expensed as incurred. Impairment of Real Estate Related Assets For our investments in real estate, we monitor events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable. When such events or changes are present, we make an assessment of the property’s recoverability by comparing the carrying amount of the asset to our estimate of the aggregate undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. Any such impairment is treated for accounting purposes similar to an asset acquisition at the estimated fair value, which includes establishing a new cost basis and the elimination of the asset’s accumulated depreciation and amortization. In evaluating our investments for impairment, we undergo continuous evaluations of property level performance and real estate trends, and management makes several estimates and assumptions, including, but not limited to, the projected date of disposition, estimated sales price and future cash flows of each property during our estimated holding period. If our analysis or assumptions regarding the projected cash flows expected to result from the use and eventual disposition of our properties change, we incur additional costs and expenses during the holding period, or our expected hold periods decrease, we may incur future impairment losses. Sales of Real Estate We classify hotels as held for sale when the criteria are met, in accordance with GAAP. At that time, we present the assets and obligations associated with the real estate held for sale separately in our consolidated balance sheet, and we cease recording depreciation and amortization expense related to that asset. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. Upon the disposition of a property, we recognize a gain or loss at a point in time when we determine control of the underlying asset has been transferred to the buyer. Our performance obligation is generally satisfied at the closing of the transaction. Any continuing involvement is analyzed as a separate performance obligation in the contract, and a portion of the sales price is allocated to each performance obligation. When the performance obligation related to the continuing involvement is satisfied, the sales price allocated to it is recognized. There is significant judgment applied to estimate the amount of any variable consideration identified within the sales price and assess its probability of occurrence based on current market information, historical transactions, and forecasted information that is reasonably available. For sales of real estate (or assets classified as held for sale), we evaluate whether the disposition is a strategic shift that will have a major effect on our operations and financial results. When a disposition represents a strategic shift that will have a major effect on our operations and financial results, it will be classified as discontinued operations in our consolidated financial statements for all periods presented. Cash and Cash Equivalents We classify all cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair market value. We classify cash and cash equivalents as restricted cash when contractual agreements or arrangements impose restrictions on our ability to freely access and utilize the cash and cash equivalent amounts. Accounts Receivable Accounts receivable primarily consists of receivables due from insurance settlements, our hotel manager, hotel guests, and credit card companies and are carried at estimated collectable amounts. We periodically evaluate our receivables for collectability based on historical experience, the length of time receivables are past due and the financial condition of the debtor. Accounts receivable are written off when collection is not probable. We record uncollectible operating lease receipts as a direct offset to room revenues. Our insurance settlement receivables are recorded based upon the terms of our insurance policies and our estimates of insurance losses. We recognize business interruption claims as revenue when collected and accordingly our accounts receivable do not include any amounts related to estimated business interruption claim recoveries. As of December 31, 2019 and 2018 , we had $12 million and $13 million of insurance settlement receivables, respectively. As of December 31, 2019 , we had a $9 million receivable from our hotel manager related to the Wyndham Settlement (as defined in Note 8 “Commitments and Contingencies – Hotel Management and Franchise Agreements”). Remaining payments on the Wyndham Settlement are required to be paid no later than June 2021. Debt and Deferred Debt Issuance Costs Deferred debt issuance costs include costs incurred in connection with issuance of debt, including costs associated with the entry into our loan agreements and revolving credit facility, and are presented as a direct reduction from the carrying amount of debt. These debt issuance costs are deferred and amortized to expense on a straight-line basis over the term of the debt, which approximates the effective interest amortization method. This amortization expense is included as a component of interest expense. When debt is paid prior to its scheduled maturity date and the underlying terms are materially modified, the remaining carrying value of deferred debt issuance costs, along with certain other payments to lenders, is included in loss on extinguishment of debt. Lessee Accounting We adopted Accounting Standards Codification (“ASC”) Topic 842, Leases, effective January 1, 2019. We determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for ground leases and our corporate office lease, where the asset is classified within “right of use assets” and the operating lease liability is classified within “other liabilities” in our consolidated balance sheets. We elected the practical expedient to combine our lease and related non-lease components by class of asset and made the election for our ground leases and our corporate office lease. Right of use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right of use assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Our variable lease payments consist of payments based on a rate or index established subsequent to the lease commencement date and non-lease services related to the ground lease, primarily real estate taxes. Variable lease payments are excluded from the right of use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing rate. Our incremental borrowing rate is based on information available at the commencement date using our actual borrowing rates commensurate with the lease terms and a fully levered borrowing. Extension options on our leases are included in our minimum lease terms when they are reasonably certain to be exercised. In our evaluation of the lease term, we consider other arrangements, primarily our debt and franchise agreements, which may have economic consequences related to failure to renew certain ground leases. For accounting purposes, such lease terms are not adjusted unless the contractual terms are modified. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels, which are as follows: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuations in this category are inherently less reliable than actively quoted market prices due to the degree of subjectivity involved in determining appropriate methodologies and the applicable underlying observable market assumptions. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. These inputs cannot be validated by readily determinable market data and generally involve considerable judgment by management. We use the highest level of observable market data if such data is available without undue cost and effort. Derivative Instruments We use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. We do not enter into derivative financial instruments for trading or speculative purposes. We record all derivatives at fair value. On the date the derivative contract is entered into, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (“Cash Flow Hedge”), a hedge of the fair value of a recognized asset or liability (“Fair Value Hedge”), or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a Cash Flow Hedge are recorded in the consolidated statements of comprehensive income (loss) until they are reclassified into earnings when the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a Fair Value Hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged in the consolidated statements of cash flows. Changes in fair value of undesignated hedge instruments are recorded in current period earnings. As of December 31, 2019 and 2018 , our only derivative, an interest rate cap, is an undesignated hedge instrument. Revenue Recognition We adopted ASC Topic 606, Revenue from Contracts with Customers , effective January 1, 2018, using the modified retrospective transition method. We also adopted ASC Topic 842, Leases, effective January 1, 2019, using the modified retrospective transition method. There was no material impact to revenues or continuing operations in our financial statements due to the change in either of these accounting policies. The information in this section describes our current revenue recognition policies. Our revenues primarily consist of operating lease revenues from room rentals, which are accounted for under GAAP in accordance with lease accounting standards. Room revenue is recognized as earned on a daily basis, net of customer incentive discounts, cash rebates, and refunds. Other lease revenues primarily include lease revenue from restaurants, billboards and cell towers, all of which are operating leases. Such leases are recognized on a straight-line basis over the term of the lease when collections are considered probable and as earned and collected when collections are not considered probable. Uncollectible lease amounts are recorded as a direct offset to revenues. As a lessor, our operating leases do not contain purchase options or require significant assumptions or judgments. Some of our operating leases contain extension options. For those with extension options we assess the likelihood such options will be exercised in determining the lease term. Customer revenues include other hotel guest revenues generated by the incidental support of hotel operations and are recognized under the revenue accounting standard as the service obligation is completed. Purchase of Common Stock Purchases of common stock are recorded on the trade date at cost, including commissions and other costs, through a removal of the stated par value with the excess recorded as additional paid-in-capital. Equity-Based Compensation We have a stock-based incentive award plan for our employees and directors, which primarily includes time-based and performance-based awards. We recognize the cost of services received in an equity-based payment transaction with an employee or director as services are received and record either a corresponding increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria. Measurement for these equity awards is the estimated fair value at the grant date of the equity instruments. The equity-based compensation expense is recognized for awards earned or expected to be earned. Accordingly, the compensation expense for all equity awards is recognized straight-line over the vesting period of the last separately identified vesting portion of the award. Forfeitures for time-based and market-based performance awards are recognized as they occur. Performance awards with targets other than market-based are assessed at each balance sheet date with respect to the expected achievement of the target. Equity-based compensation expense is classified in corporate general and administrative expenses. Dividend equivalent cash payments related to unvested employee and director awards are charged to corporate general and administrative expenses. Dividends awarded as additional stock grants are included in equity-based compensation expense. Earnings Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of our common stock outstanding plus other potentially dilutive securities, except when the effect would be anti-dilutive. Dilutive securities include equity-based awards issued under long-term incentive plans, as discussed in Note 11 “Equity-Based Compensation.” Dilutive securities are excluded from the calculation of earnings per share for all periods presented because the effect would be anti-dilutive. The earnings per share amounts are calculated using unrounded amounts and shares which may result in differences in rounding of the presented per share amounts. Income Taxes We are organized in conformity with and operate in a manner that allows us to be taxed as a REIT for U.S. federal income tax purposes. To the extent we continue to qualify as a REIT, we generally will not be subject to U.S. federal income tax on taxable income generated by our REIT activities that we distribute to our stockholders. Accordingly, no provision for U.S. federal income tax expense has been included in our consolidated financial statements for the years ended December 31, 2019 or 2018 related to our REIT operations; however, CorePoint TRS, our wholly owned taxable REIT subsidiary, is subject to U.S. federal, state and local income taxes and we may be subject to state and local taxes. We were subject to U.S. federal, state and local taxes prior to the Spin-Off and our REIT election. We use the asset and liability method of accounting for income taxes. Under this method, current income tax expense represents the amounts expected to be reported on our income tax returns, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. In determining our tax expense for financial statement reporting purposes, we must evaluate our compliance with the Code, including the transfer pricing determinations used in establishing rental payments between the REIT and CorePoint TRS. Accounting for income taxes requires, among others, interpretation of the Code, estimated tax effects of transactions, and evaluation of probabilities of sustaining tax positions, including realization of tax benefits. We recognize tax positions only after determining that the relevant tax authority would more likely than not sustain the position following the audit. The final resolution of those assessments may subject us to additional taxes. In addition, we may incur expenses defending our positions during IRS tax examinations, even if we are able to eventually sustain our position with the tax authorities. We are subject to or are contractually responsible for audits by federal and state tax authorities related to prior periods, which may result in additional tax liabilities. We have concluded that the positions reported on our tax returns under audit by the IRS are, based on their technical merits, more-likely-than-not to be sustained upon conclusion of the examination. Accordingly, as of December 31, 2019, we have not established any reserves related to this proposed adjustment or any other issues reflected on the returns under examination. If, however, we are unsuccessful in challenging the IRS, an excise tax would be imposed on the REIT related to the excess rent and we would be responsible for additional income taxes, interest and penalties, which could adversely affect our financial condition, results of operations and cash flow and the trading price of our common stock. Such adjustments could also give rise to additional state income taxes. Concentrations of Credit Risk and Business Risk We have cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. We utilize financial institutions that we consider to be of high credit quality and consider the risk of default to be minimal. We also monitor the creditworthiness of our customers and financial institutions before extending credit or making investments. Substantially all of our revenues are derived from our lodging operations at our hotels. Lodging operations are particularly sensitive to adverse economic, social and competitive conditions and trends, which could adversely affect our business, financial condition and results of operations. We have a concentration of hotels operating in Texas, Florida and California. The number of hotels, percentages of total hotels and the percentages of our total revenues from these states as of and for the year ended December 31, 2019 is as follows: Number of Hotels Percentage of Total Hotels Percentage of Total Revenue Texas 58 21 % 21 % Florida 45 17 % 16 % California 21 8 % 12 % Total 124 46 % 49 % Our geographic concentration has not significantly changed during the last three years ended December 31, 2019 . Segment Reporting Our hotel investments have similar economic characteristics and our service offerings and delivery of services are provided in a similar manner, using the same types of facilities and similar technologies. Our chief operating decision maker reviews our financial information on an aggregated basis. As a result, we have concluded that we have one reportable business segment. Principal Components of Expenses As more fully explained in Note 8 “Commitments and Contingencies – Hotel Management and Franchise Agreements,” our management company is responsible for the day to day operations of our hotels. For many expenses, the manager directly contracts for the services in the capacity as a principal, and we reimburse our manager in accordance with the agreements. We present the following expense components and only classify the fee portion of expense as management and royalty fees. We classify all amounts owed to our manager and franchisor in accounts payable and accrued expenses. Rooms — These expenses include hotel operating expenses of housekeeping, reservation systems (per our franchise agreements), room and breakfast supplies and front desk costs. Other departmental and support — These expenses include expenses that constitute non-room operating expenses, including parking, telecommunications, on-site administrative labor, sales and marketing, loyalty program, recurring repairs and maintenance and utility expenses. Property tax, insurance and other — These expenses consist primarily of real and personal property taxes, other local taxes, ground rent, equipment rent and insurance. Newly Issued Accounting Standards In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ( “ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements for fair value measurements. While some disclosures have been removed or modified, new disclosures have been added. We adopted this guidance on January 1, 2020, and it did not have a material impact on our consolidated financial position and results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The guidance primarily affects financial assets and net investment in leases that are not accounted for at fair value through net income but excludes operating lease receivables. The guidance is currently expected to primarily apply to our non-lease trade receivables, casualty insurance claim receivables, Wyndham Settlement receivable and any future financial assets that have the contractual right to receive cash that we may acquire in the future. We adopted this guidance on January 1, 2020, and it did not have a material impact on our consolidated financial position and results of operations. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. The guidance is effective for us January 1, 2021. We do not expect the adoption of this guidance to have a material impact on our consolidated financial position and results of operations. Recently Adopted Accounting Standards In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections. This update clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the Securities and Exchange Commission’s (“SEC”) regulations, thereby eliminating redundancies and making the codification easier to apply. We adopted this guidance upon issuance, as required. The adoption of this guidance did not have a material effect on our consolidated financial position and results of operations. Effective January 1, 2019, we adopted ASC Topic 842, Leases, which established new lease accounting standards for lessees and lessors. For lessees, the new standard requires balance sheet recognition of a right of use asset and lease liability for virtually all leases. At adoption, this primarily related to our ground leases. The amount recognized is generally equal to the present value of the lease payments, based on our incremental borrowing rate. In determining our incremental borrowing rate, we considered fully leveraged secured real estate borrowings. For lessors, the new standard requires leases to be classified as operating or sales-type. All of our leases are, and are anticipated to be, operating leases. Operating leases under the new standard are generally accounted for consistently with the prior lease accounting standards. We adopted the new standard using the following practical expedients and policy adoptions: • Modified retrospective transition method, where lease balances as of the adoption date are based on the remaining lease payments as previously accounted for. • Periods prior to the period of adoption are not restated, including disclosures. • The lease classification and direct costs for leases in place as of the date of adoption are not reassessed, including land easements. • Lease term at the date of adoption is based on all known facts as of the adoption date. • For leases where we are the lessor, no separation of a lease into a lease and non-lease component, as provided in the practical expedient. Amounts related to sales taxes collected by us and remitted to the taxing authorities are not included in room revenues or expense. Insurance and real estate taxes where the lessee is directly responsible for the payment to the vendor or taxing authority are also not included in revenue or expense. • For leases where we are the lessee, the short-term lease exception for leases with a remaining term of less than one year. As a lessor, our recognition of lease revenue was substantively consistent with previous guidance and, accordingly, the adoption of the lessor portion of the new standard did not have a material effect on our financial statements. As a lessee, the adoption of the new lease standard resulted in the recognition of right of use assets and lease liabilities, primarily related to our ground leases. As of January 1, 2019, right of use assets and lease liabilities of $27 million and an increase of $1 million to retained earnings were recognized. Effective January 1, 2019, we adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under this standard, most of the guidance on such payments to nonemployees is aligned with the requirements for share-based payments granted to employees. We account for our share-based payments to members of our board of directors in the same manner as share-based payments to our employees. Other than to members of our board of directors, we do not award share-based payments to any nonemployees. The adoption of this guidance did not have a material effect on our consolidated financial position and results of operations. From time to time, new accounting standards are issued by the FASB or other standards-setting bodies, which we adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently adopted or recently issued standards that are not yet effective have not or will not have a material impact on our consolidated financial position and results of operations. |
Investments In Real Estate
Investments In Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Investments, Net [Abstract] | |
Investments In Real Estate | Investments in Real Estate During 2019, 42 operating hotels were sold for gross proceeds of $173 million resulting in gain on sales of $32 million . During 2018, two hotels were sold for gross proceeds of $7 million resulting in no gain on sale. We recorded non-cash impairment losses of $141 million and $154 million , during 2019 and 2018, respectively, due to shortened holding periods for many of our hotels and assumptions related to future operations. We have experienced hurricane and fire related damages to certain of our hotels. We carry comprehensive property, casualty, flood and business interruption insurance that we anticipate will cover our losses at these hotels, subject to a deductible. For the year ended December 30, 2019 and 2018, we recognized $7 million and $10 million , respectively, for the involuntary conversion write-off of net book value of damaged assets. Certain of our hotels had closures and disruptions to business primarily due to hurricanes and fires in 2019, 2018 and 2017. For the years ended December 31, 2019, 2018 and 2017, we received business interruption insurance proceeds of $11 million , $12 million and $1 million , respectively, which are included in “other income, net” on our consolidated statements of operations. Construction in progress includes capitalized costs for ongoing projects that have not yet been put into service. We have pledged substantially all of our hotels as collateral for the CMBS Loan Agreement (as defined in Note 5, “Debt”). |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets The following table presents other assets as of December 31, 2019 and 2018 (in millions): 2019 2018 Lender and other escrows $ 20 $ 20 Prepaid expenses 10 6 Intangible assets, net 4 5 Federal and state tax receivables — 4 Assets held for sale — 3 Other assets, primarily hotel supplies 9 16 Total other assets $ 43 $ 54 We had no hotels classified as held for sale as of December 31, 2019 . Assets held for sale as of December 31, 2018 represent one |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table presents the carrying amount of our debt as of December 31, 2019 and 2018 (in millions): 2019 2018 Interest Rate (1) Maturity Date CMBS Facility $ 921 $ 1,035 One-month LIBOR + 2.75% 2020 (2) Revolving Facility — — One-month LIBOR + 4.50% 2020 (3) 921 1,035 Less deferred debt issuance costs (6 ) (21 ) Total debt, net $ 915 $ 1,014 ____________________ (1) London Interbank Offering Rate (“LIBOR”) at December 31, 2019 and 2018 was 1.76% and 2.52% respectively. The interest rate margins were unchanged in 2019 and 2018. (2) After maturity in June 2020, includes five one-year extension options at our option, provided there is no event of default existing as of the commencement of the applicable extension period and the CorePoint CMBS Borrower either extends the current interest rate cap or purchases a new interest rate cap covering the extension period at a strike price as set forth in the CMBS Loan Agreement. (3) After maturity in May 2020, includes a one-year extension option at our option, subject to certain conditions, including that the maturity of the CMBS Facility be extended to a date no earlier than the maturity of the Revolving Facility. CMBS Facility On May 30, 2018, certain indirect wholly owned subsidiaries of CorePoint (collectively, the “CorePoint CMBS Borrower”), CorePoint TRS and CorePoint Operating Partnership L.P. (“CorePoint OP”) entered into a loan agreement (the “CMBS Loan Agreement”), pursuant to which the CorePoint CMBS Borrower borrowed an aggregate principal amount of $1.035 billion under a secured mortgage loan secured primarily by mortgages for substantially all of our wholly owned hotels, an excess cash flow pledge for seven owned and ground leased hotels and other collateral customary for mortgage loans of this type (the “CMBS Facility”). The CMBS Facility bears interest at a rate equal to the sum of (i) one-month LIBOR and (ii) 2.75% per annum for the first five years of the term, 2.90% for the sixth year of the term and 3.00% for the seventh year of the term. Interest is generally payable monthly. The CMBS Facility matures on June 9, 2020, with five one-year extension options, exercisable at the CorePoint CMBS Borrower’s election, provided there is no event of default existing as of the commencement of the applicable extension period and the CorePoint CMBS Borrower either extends the current interest rate cap or purchases a new interest rate cap covering the extension period at a strike price as set forth in the CMBS Loan Agreement. We are currently evaluating plans to extend or refinance the CMBS Facility. No principal payments are due prior to the scheduled or extended maturity date. The CMBS Facility is pre-payable in whole or in part subject to payment of all accrued interest through the end of the applicable accrual period. We may obtain the release of individual properties from the CMBS Facility provided that certain conditions of the CMBS Loan Agreement are satisfied. The most restrictive of these conditions provide that after giving effect to such release the debt yield for the CMBS Facility (generally defined as hotel property operating net income before interest, depreciation and a fixed amount of corporate general and administrative expenses divided by the outstanding principal balance of the CMBS Facility, “Debt Yield”) is not less than the greater of (x) 16.44% and (y) the lessor of (i) the Debt Yield in effect immediately prior to such release and (ii) 16.94% (such result the “Release Debt Yield”). However, if such release is in connection with the sale of a property to an unrelated third party, such sold property may be released if the CorePoint CMBS Borrower prepays an amount equal to the greater of (x) the allocated portion of the outstanding CMBS Facility plus a premium ranging from 5% to 10% , as defined in the CMBS Loan Agreement and (y) the lesser of (i) the full net proceeds from the sale of the property received by us and (ii) the amount necessary to satisfy the Release Debt Yield. Accordingly, such CMBS Loan Agreement release provisions could affect our ability to sell properties or restrict the use of sale proceeds only to (or substantially to) the required partial prepayment of the CMBS Facility. During the year ended December 31, 2019, primarily in connection with the sale of 42 secured hotel properties, $114 million of the net proceeds were used to pay down the principal of the CMBS Facility. During the year ended December 31, 2019 , we recorded substantially no loss on extinguishment of debt related to these principal pay downs. The CMBS Facility includes customary non-recourse carve-out guarantees, affirmative and negative covenants and events of default, including, among other things, guarantees for certain losses arising out of customary “bad-boy” acts of CorePoint OP and its affiliates and environmental matters (which will be recourse for environmental matters only to the CorePoint CMBS Borrower provided that the required environmental insurance is delivered to the lender), a full recourse guaranty with respect to certain bankruptcy events, restrictions on the ability of the CorePoint CMBS Borrower to incur additional debt and transfer, pledge or assign certain equity interests or its assets, and covenants requiring the CorePoint CMBS Borrower to exist as “special purpose entities,” maintain certain ongoing reserve funds and comply with other customary obligations for commercial mortgage-backed securities loan financings. As of December 31, 2019 , we believe we were in compliance with these covenants. At the origination of the CMBS Facility, the CorePoint CMBS Borrower deposited in the loan servicer’s account $15 million in upfront reserves for property improvement and environmental remediation, which funds may be periodically disbursed to the CorePoint CMBS Borrower throughout the term of the loan to cover such costs. In addition, the CMBS Facility lender has the right to control the disbursement of hotel operating cash receipts during the continuation of an event of default under the loan or if and while the Debt Yield falls below 12.33% through May 30, 2023 and 12.83% thereafter, in each case, for two consecutive quarters. During such an event, the lender will use the funds to pay all monthly amounts due under the CMBS Facility loan documents including, but not limited to, required ongoing reserves, debt service and fees for the CMBS Facility and Revolving Facility and property operating expenses. Any remaining funds after the payment of such expenses will be held under the control of the Lender in an excess cash flow account and such amounts will not be available to the CorePoint CMBS Borrower until such events are cured, except that, if no event of default is continuing and there is no bankruptcy event with respect to the CorePoint CMBS Borrower, the Lender will make such funds available to the CorePoint CMBS Borrower for the payment of certain expenses, including, among other things, various operating expenses and dividends, and redemptions sufficient to maintain certain tax-preferential treatment for the CorePoint CMBS Borrower. As of December 31, 2019 , we believe we were in compliance with these covenants. Revolving Facility On May 30, 2018, CorePoint Borrower L.L.C. (the “CorePoint Revolver Borrower”), our indirect wholly owned subsidiary and the direct wholly owned subsidiary of CorePoint OP, and CorePoint OP entered into a credit agreement providing for the $150 million Revolving Facility (“Revolving Facility”). In November 2019, CorePoint Revolver Borrower amended the Revolving Facility, modifying certain availability thresholds. The Revolving Facility will mature on May 30, 2020. At our election, we may extend the maturity for one additional year subject to certain conditions, including that the maturity of the CMBS Facility will be extended to a date no earlier than the maturity of the Revolving Facility. We are currently evaluating plans to extend or refinance the Revolving Facility. As of December 31, 2019 , no amounts were outstanding under the Revolving Facility and $100 million of the $150 million was available to be drawn by us. Interest under the Revolving Facility will be, at the option of the CorePoint Revolver Borrower, either at a base rate plus a margin of 3.5% or a LIBOR rate plus a margin of 4.5% . With respect to base rate loans, interest will be payable at the end of each quarter. With respect to LIBOR loans, interest will be payable at the end of the selected interest period but no less frequently than quarterly. Additionally, there is a commitment fee payable at the end of each quarter equal to 0.5% of unused commitments under the Revolving Facility and customary letter of credit fees. The Revolving Facility contains customary representations and warranties, affirmative and negative covenants and defaults. The most restrictive of these are a maximum total net leverage ratio financial covenant and minimum interest coverage ratio financial covenant, in each case, as defined, and tested as of the last day of any fiscal quarter in which borrowings under the Revolving Facility and outstanding letters of credit exceed 10% of the aggregate commitments of the Revolving Facility. In November 2019, the CorePoint Revolver Borrower amended the Revolving Facility, modifying certain availability thresholds. Availability is still subject to meeting certain financial thresholds, including debt yield, leverage ratio, and minimum interest coverage, which have been adversely affected by our decline in operations and only partially offset by pay downs in our debt from hotel sales. There were no other significant changes in the financial terms as a part of the amendment. As of December 31, 2019 , we believe we were in compliance with these covenants. |
Mandatorily Redeemable Preferre
Mandatorily Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Mandatorily Redeemable Preferred Stock | Mandatorily Redeemable Preferred Stock We have outstanding 15,000 shares of Cumulative Redeemable Series A Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), held by an unrelated third-party. The Series A Preferred Stock has an aggregate liquidation preference of $15 million , plus any accrued and unpaid dividends thereon. The Series A Preferred Stock is senior to our common stock with respect to dividends and with respect to dissolution, liquidation or winding up of the Company. For all periods the Series A Preferred Stock has been outstanding, we have paid a cash dividend on the Series A Preferred Stock equal to 13% per annum, payable quarterly. If either our leverage ratio, as defined, exceeds 7.5 to 1.0 as of the last day of any fiscal quarter, or if an event of default occurs (or has occurred and not been cured) with respect to the Series A Preferred Stock, we will be required to pay a cash dividend on the Series A Preferred Stock equal to 15% per annum. Our dividend rate on the Series A Preferred Stock will increase to 16.5% per annum if, at any time, (1) we are in breach of the leverage ratio covenant and (2) an event of default occurs (or has occurred and has not been cured) with respect to the Series A Preferred Stock. As of December 31, 2019 , none of these ratios have been exceeded, and we have not triggered any of the events that would result in an increased dividend rate. The Series A Preferred Stock is mandatorily redeemable by us in 2028, upon the tenth anniversary of the date of issuance. Beginning in 2025, upon the seventh anniversary of the issuance of the Series A Preferred Stock, we may redeem the outstanding Series A Preferred Stock for an amount equal to its aggregate liquidation preference, plus any accrued but unpaid dividends. The holders of the Series A Preferred Stock may also require us to redeem the Series A Preferred Stock upon a change of control of the Company for an amount equal to its aggregate liquidation preference plus any accrued and unpaid dividends thereon (and a premium if the change of control occurs prior to the seventh anniversary of the issuance of the Series A Preferred Stock). Due to the fact that the Series A Preferred Stock is mandatorily redeemable, the preferred shares are classified as a liability on the accompanying consolidated balance sheet, and dividends on these preferred shares are classified as interest expense in the accompanying consolidated statements of operations. Holders of Series A Preferred Stock generally have no voting rights. However, without the prior consent of the holders of a majority of the outstanding shares of Series A Preferred Stock, we are prohibited from (i) authorizing or issuing any additional shares of Series A Preferred Stock, or (ii) amending our charter or entering into, amending or altering any other agreement in any manner that would adversely affect the Series A Preferred Stock. Holders of shares of the Series A Preferred Stock have certain preemptive rights over issuances by us of any class or series of our stock ranking on parity with the Series A Preferred Stock. If we are either (a) in arrears on the payment of dividends that were due on the Series A Preferred Stock on six or more quarterly dividend payment dates, whether or not such dates are consecutive, or (b) in default of our obligations to redeem the Series A Preferred Stock or following a change of control, the preferred stockholders may designate a representative to attend meetings of our board of directors as a non-voting observer until all unpaid Series A Preferred Stock dividends have either been paid or declared with an amount sufficient for payment set aside for payment, or the shares required to be redeemed have been redeemed, as applicable. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses and Other Liabilities | Accounts Payable and Accrued Expenses and Other Liabilities Accounts payable and accrued expenses and other liabilities include the following as of December 31, 2019 and 2018 (in millions): 2019 2018 Due to hotel manager $ 26 $ 44 Real estate taxes 22 23 Sales and occupancy taxes 7 8 Interest 2 3 Other accounts payable and accrued expenses 25 21 Total accounts payable and accrued expenses $ 82 $ 99 Operating lease liabilities $ 25 $ — Below market leases, net 5 6 Property insurance financing 2 — Other liabilities 11 5 Total other liabilities $ 43 $ 11 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Hotel Management and Franchising Agreements Management Fees On May 30, 2018 , we entered into separate hotel management agreements with LQ Management L.L.C. (“LQM”), whereby we pay a fee equal to 5% of total gross revenues, as defined. The term of the management agreements is 20 years, subject to two renewals of five years each, at LQM’s option. There are penalties for early termination, including a termination upon the sale of a hotel. LQM generally has sole responsibility for all activities necessary for the operation of our hotels, including establishing room rates, processing reservations and promoting and publicizing the hotels. LQM also provides all employees for the hotels, prepares reports, budgets and projections, and provides other administrative and accounting support services to the hotels. We have consultative and specified approval rights with respect to certain actions of LQM, including entering into long-term or high value contracts, engaging in certain actions relating to legal proceedings, approving the operating budget, making certain capital expenditures and the hiring of certain management personnel. We are also responsible for reimbursing LQM for certain costs incurred by LQM during the fulfillment of their duties, such as payroll costs for certain employees, general liability insurance and other costs that the manager incurs to operate the hotels. In connection with those reimbursement requirements, we are required to maintain certain minimum cash operating balances at our hotels. For the year ended December 31, 2019 , our management fee expense was $40 million . For the period from May 30, 2018 to December 31, 2018, our management fee expense was $26 million . Beginning on July 30, 2019, we gave notice to LQM of several events of default under the management agreements relating to all of our wholly owned properties. On October 18, 2019, we entered into a settlement agreement related to our default claims (the “Wyndham Settlement”). As part of the Wyndham Settlement, we recognized $20 million of income, included in “other income, net” related to our claim of lost revenues and $17 million in retained earnings related to final resolution of Spin-Off related tax matters. Royalty Fees On May 30, 2018, we entered into separate hotel franchise agreements with La Quinta Franchising LLC (“LQ Franchising”). Pursuant to the franchise agreements, we were granted a limited, non-exclusive license to use our franchisor’s brand names, marks and system in the operation of our hotels. The franchisor also may provide us with a variety of services and benefits, including centralized reservation systems, participation in customer loyalty programs, national advertising, marketing programs and publicity designed to increase brand awareness, as well as training of personnel. In return, we are required to operate franchised hotels consistent with the applicable brand standards. Our franchise agreements require that we pay a 5% royalty fee on gross room revenues. The term of the franchise agreements is through 2038 , subject to one renewal of 10 years, at the franchisor’s option. There are penalties for early termination, including a termination upon the sale of a hotel. For the year ended December 31, 2019 , our royalty fee expense was $40 million . For the period from May 30, 2018 to December 31, 2018, our royalty fee expense was $26 million . In addition to the royalty fee, the franchise agreements include a reservation fee of 2% of gross room revenues, a marketing fee of 2.5% of gross room revenues, a loyalty program fee of 5% of eligible room night revenues, and other miscellaneous ancillary fees. Reservation fees are included within room expense and the marketing fee and loyalty program fees are included within other departmental and support in the accompanying consolidated statements of operations. Our requirement to meet certain brand standards imposed by our franchisor includes requirements that we incur certain capital expenditures, generally ranging from $1,500 to $7,500 per hotel room (with various specific amounts within this range being applicable to different groups of our hotels) during a prescribed period generally ranging from two to eleven years . These amounts are over and above the capital expenditures we are required to make each year for recurring furniture, fixtures and equipment maintenance. However, these amounts that we are required to spend are subject to reduction, in varying degrees, by the amount of capital expenditures made for hotels in the applicable group over and above the capital expenditures required for the recurring maintenance in one or more years before receipt of the franchisor’s notice. The initial period during which the franchisor can notify us that we must make these capital expenditures is through 2028. At the franchisor’s discretion, subject to the franchise agreement provisions governing when such requirements may be imposed, the franchisor may provide a notice obligating us to meet those capital expenditure requirements generally within two to nine years of the notice. As of December 31, 2019 , no such notices have been received; however, approximately 62% of our hotels are potentially eligible for such capital expenditure requirements. Through 2028, our remaining hotels will become eligible for such notices and capital expenditure requirements. We expect to meet these requirements primarily through our recurring capital expenditure program. As of December 31, 2019 , $15 million was held in lender escrows that can be used to finance these requirements. Litigation We are a party to a number of pending claims and lawsuits arising in the normal course of business. We do not consider our ultimate liability with respect to any such claims or lawsuits, or the aggregate of such claims and lawsuits, to be material in relation to our consolidated financial condition, results of operations or our cash flows taken as a whole. We maintain general and other liability insurance; however, certain losses or defense costs are within the retention or insurance deductible amount and are not covered by or are only partially covered by insurance policies. We regularly evaluate our ultimate liability costs with respect to such claims and lawsuits. We accrue costs from litigation as they become probable and estimable. Tax Contingencies We are subject to regular audits by federal and state tax authorities, which may result in additional tax liabilities related to prior periods. Entities in existence prior to the Spin-Off and transferred to Wyndham as a part of the Spin-Off are currently under audit by the Internal Revenue Service (the “IRS”) for tax years ended December 31, 2010 to 2013. As a part of the Spin-Off, we agreed to indemnify Wyndham for any obligations and expenses arising from these IRS audits, including the legal and accounting defense expenses. In 2014, the IRS commenced a tax audit, primarily related to transfer pricing for internal rents charged by our prior REIT. Subsequently, we have supplied information to the IRS supporting our position. In November 2019, the IRS issued notices of proposed adjustments (“NOPA”, also known as a 30 Day Letter) proposing a redetermined rent adjustment totaling $138 million , attributable to tax years 2010 and 2011, exclusive of penalties and interest. Additionally, the November 2019 NOPA proposed an adjustment resulting in the loss of tax operating loss carryforwards generated in tax years 2006 through 2009. The adjustment to the tax operating loss carryforwards, measured at the tax rates enacted during the year of utilization and exclusive of penalties and interest, is $31 million . We have responded to the IRS in disagreement with their NOPA and expect the matter to be transferred to an IRS Appeals office in 2020. We believe the IRS transfer pricing methodologies applied in the audits contain flaws and that the IRS proposed tax and adjustments are inconsistent with the U.S. federal tax laws. We have concluded that the positions reported on our tax returns under audit by the IRS are, based on their technical merits, more-likely-than-not to be sustained upon conclusion of the examination. Accordingly, as of December 31, 2019 , we have not established any reserves related to this proposed adjustment or any other issues reflected on the returns under examination. If, however, we are unsuccessful in challenging the IRS, an excise tax would be imposed on the REIT related to the excess rent and we would be responsible for additional income taxes, interest and penalties, which could adversely affect our financial condition, results of operations and cash flow and the trading price of our common stock. Such adjustments could also give rise to additional state income taxes. Purchase Commitments As of December 31, 2019 , we have approximately $29 million of purchase commitments primarily related to improvement projects at our hotel properties. Lessee Commitments Our lessee arrangements are primarily for ground leases at certain of our hotels. These ground leases generally include base rents, which may be reset based on inflation indexes or pre-established increases, contingent rents based upon the respective hotel’s revenues, and reimbursement or primary responsibility for related real estate taxes and insurance expenses. The initial base terms for the leases are generally in excess of 25 years , with initial term maturities occurring between 2020 and 2096. Many of these arrangements also contain renewal options at the conclusion of the initial lease term, generally at fair value or pre-set amounts. Our other leases primarily relate to our corporate office, all of which are operating leases. After the adoption of new accounting guidance related to leasing, the contractual payments of our operating lease liabilities on an undiscounted basis in effect as of December 31, 2019 , are as follows (in millions): Year Amount 2020 $ 3 2021 3 2022 3 2023 3 2024 3 Thereafter 60 Total $ 75 The difference between the undiscounted contractual payments of $75 million above and the December 31, 2019 operating lease liabilities of $25 million (included in our “other liabilities”) is the present value of imputed interest. Contractual payments include base rents that have been contractually reset based on inflation indexes as of December 31, 2019 . Prior to adoption of new accounting guidance related to leasing, future minimum base rental payments payable by us under these non-cancelable operating leases in effect as of December 31, 2018, were as follows (in millions): Year Amount 2019 $ 3 2020 3 2021 3 2022 2 2023 2 Thereafter 98 Total $ 111 For each of the years ended December 31, 2019 , 2018, and 2017 total rent expense for ground leases included in property tax, insurance and other expenses in our consolidated statement of operations was $5 million . For each of these years, $1 million of the rent expense was related to contingent rents. Post-employment Benefits At the Spin-Off in 2018, the Company entered into severance plans with all executives and other employees. New employees are added at their date of employment. The plans include salary continuation, severance benefits, continuation of health care coverage and other supplemental post-employment benefits, all which vary depending on the employee’s position and apply where there is termination without cause. For the year ended December 31, 2019, we recognized expenses related to these severance plans of $7 million . We had no |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity Share Repurchase Program On March 21, 2019, our board of directors authorized a $50 million share repurchase program. Under the share repurchase program, we may purchase common stock in the open market, in privately negotiated transactions or in such other manner as determined by us, including through repurchase plans complying with the rules and regulations of the SEC. The share repurchase program does not obligate us to repurchase any dollar amount or number of shares of common stock and the program may be suspended or discontinued at any time. Through December 31, 2019 , we have acquired 2.6 million shares at a weighted average cost per share of $11.34 under the share repurchase program. Spin-Off from La Quinta Holdings Inc. LQH Parent completed the Spin-Off on May 30, 2018. As part of the Spin-Off closing, LQH Parent distributed to its stockholders all the outstanding shares of CorePoint common stock. Each holder of LQH Parent common stock received one share of CorePoint common stock for each share of LQH Parent common stock held by such holder on the record date whereby each share of the common stock of LQH Parent (par value $0.01 ) was reclassified and combined into one half of a share of the common stock of LQH Parent (par value $0.02 ). Immediately following the Spin-Off, pursuant to the terms of the merger agreement, LQH Parent became a wholly owned subsidiary of Wyndham Worldwide and each share of LQH Parent common stock was converted into the right to receive $16.80 per share in cash, without interest. Immediately following the Spin-Off, LQH Parent did not own any shares of any class of CorePoint outstanding common stock. Because the separation was a spin-off among stockholders, for financial statement presentation, there is no gain or loss on the separation of the disposed net assets and liabilities. Rather, the carrying amounts of the net assets and liabilities of our former hotel franchise and hotel management accounts were removed at their historical cost with an offsetting amount of $752 million to our retained earnings in 2018. In 2019, we recorded an additional $18 million adjustment to retained earnings primarily as a result of the final determination and settlement of the tax liabilities associated with the transaction. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenues [Abstract] | |
Revenue | Revenue Revenues for the years ended December 31, 2019 , 2018 and 2017 are comprised of the following components (in millions): For the Year Ended December 31, 2019 2018 2017 Operating lease revenues: Rooms $ 795 $ 845 $ 820 Other 6 4 4 Total lease revenues 801 849 824 Customer revenues 11 13 12 Total revenues $ 812 $ 862 $ 836 Other operating lease revenues primarily include lease arrangements for restaurants, billboards and cell towers. Customer revenues, which are classified within other revenues, generally relate to amounts generated by the incidental support of the hotel operations, including servi ce fees, parking and food. For each of the years ended December 31, 2019 , 2018 and 2017 we had less than $1 million of variable lease revenue. As of December 31, 2019 , future minimum rental income to be received under non-cancelable operating leases, in excess of one-year, is as follows (in millions): Year ending December 31, Operating 2020 $ 3 2021 2 2022 1 2023 1 2024 1 Thereafter 2 $ 10 |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | Equity-Based Compensation Our 2018 Omnibus Incentive Plan (the “Plan”), authorizes the grant of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), Performance Stock Units (“PSUs”), non-qualified and incentive stock options, dividend equivalents, and other stock-based awards. A total of eight million shares of common stock has been authorized for issuance under the Plan and six million shares of common stock are available for issuance as of December 31, 2019 . The RSAs and RSUs are time-based, where the awards vest over time, generally three to four years , and are not subject to future performance targets. RSAs and RSUs are initially recorded at the market price of our common stock at the time of the grant. The PSUs are subject to performance-based vesting, where the ultimate award is based on the achievement of established performance targets, generally over two to three years . As of December 31, 2019 , these performance targets relate to relative and absolute total shareholder returns, as defined, which are treated as market-based conditions. Accordingly, these market-based PSUs are recorded at the fair value of the award using a Monte Carlo simulation valuation model. The currently outstanding PSUs vest over two to three years . RSAs, RSUs and PSUs are subject to accelerated vesting in the event of certain defined events. In 2018, we entered into an agreement with LQH Parent to modify all outstanding awards granted to the employees of LQH Parent. The agreement generally provided that, as of the separation, holders of such awards were entitled to receive CorePoint equity-based, time-vesting, compensation awards. Generally, all such CorePoint equity-based compensation awards retained the same terms and vesting conditions as the original LQH Parent equity-based compensation awards to which such awards relate (except for the LQH Parent PSUs, as described below). Under the agreement, holders of LQH Parent RSAs and LQH Parent RSUs received RSAs and RSUs, respectively. Holders of LQH Parent PSUs received RSAs. The number of shares subject to such converted awards were calculated based on adjustments to LQH Parent’s equity-based awards using the distribution ratio in the agreement and assumed a majority of the performance-vesting awards vest at target performance levels. Performance-based vesting with respect to the converted LQH Parent PSUs was removed, and instead the CorePoint converted equity-based awards vested, subject to the holder’s continued employment with Wyndham or CorePoint, as applicable, through the last date of the original performance period (as defined in the applicable LQH Parent PSU grant notice) to which such awards related, effectively transforming the PSU awards into time-vesting equity awards. The compensation expense related to these replacement equity-based compensation awards for the employees of Wyndham is incurred by Wyndham. The compensation expense related to these replacement equity-based compensation awards for the employees of CorePoint is incurred by CorePoint. For the years ended December 31, 2019 , 2018 , and 2017 , we recognized $11 million , $7 million and $7 million , respectively, of equity-based compensation expense in continuing operations. For the years ended December 31, 2018 and 2017 , we also recognized $4 million and $9 million , respectively, of equity-based compensation expense in discontinued operations. The following table summarizes the activity of our RSAs, RSUs and PSUs during December 31, 2019 and 2018 which represent our equity-based compensation activity inclusive of and post completion of our Spin-Off: RSAs PSUs RSUs Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at January 1, 2018 512,117 $ 11.02 — $ — 47,898 $ 5.57 Granted 722,881 27.22 — — 242 17.80 Conversion of the performance units upon completion of the Spin-Off 423,510 27.92 — — — — Vested (769,044 ) 24.54 — — (12,249 ) 6.18 Forfeited (5,396 ) 27.03 — — (21,267 ) 5.22 Outstanding at January 1, 2019 884,068 20.50 — — 14,624 5.77 Granted 453,451 11.02 447,527 6.99 689 11.97 Vested (616,912 ) 14.32 — — (10,241 ) 6.05 Forfeited (66,817 ) 15.20 (78,558 ) 6.99 — — Outstanding at December 31, 2019 653,790 $ 20.30 368,969 $ 6.99 5,072 $ 6.05 RSAs are included in amounts for issued and outstanding common stock but are excluded in the computation of basic earnings per share. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In order to continue to qualify as a REIT, we must meet a number of organizational, operational and distribution requirements. As a REIT, we are generally not subject to federal corporate income taxes on the portion of net income that is currently distributed to our stockholders. To the extent we do not distribute 100% of our taxable income for any year in which we have elected REIT status, we will be subject to income tax on the undistributed taxable income. It is our current intention to adhere to these and all other applicable requirements and maintain our qualification for taxation as a REIT, including the requirement to distribute our taxable income. If we fail to qualify for taxation as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for the four taxable years subsequent to the year of an uncured REIT qualification failure. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and to federal income and excise taxes on our undistributed taxable income. In addition, taxable income from non-REIT activities, related to our TRS, is subject to federal, state and local income taxes at normal corporate rates. For financial reporting purposes, the consolidated income tax expense is based on consolidated income or loss before income taxes. The components of our income tax expense (benefit) from continuing operations for the years ended December 31, 2019 , 2018 and 2017 are as follows (in millions): For the Year Ended December 31, 2019 2018 2017 Current expense: Federal $ 3 $ 181 $ 3 State 2 46 3 Total current expense 5 227 6 Deferred benefit: Federal (1 ) (168 ) (115 ) State — (38 ) — Total deferred benefit (1 ) (206 ) (115 ) Income tax expense (benefit) $ 4 $ 21 $ (109 ) From January 1, 2018 to May 30, 2018 (the date of the Spin-Off) all of the taxable income from operations (both continuing and discontinued operations) and the tax gain from the Spin-Off are included in the consolidated U.S. federal and state income tax returns of LQH, and LQH is responsible for their payment. However, in accordance with GAAP, our 2018 current portion of income tax expense from continuing operations includes the income tax expense related to the taxable nature of the Spin-Off, which represents substantially all of our current portion tax expense from continuing operations. Our 2018 deferred tax benefit is primarily associated with the reversal of the net deferred tax liabilities resulting from the taxable gain associated with the Spin-Off transaction. Our 2017 deferred tax benefit is primarily related to the effects of the 2017 Tax Cuts and Jobs Act. The significant components of our deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows (in millions): 2019 2018 Deferred Tax Assets Insurance loss claim accruals $ 3 $ 1 Allowance for doubtful accounts 1 — Total deferred tax assets 4 1 Deferred Tax Liabilities Real estate, net (7 ) (4 ) Linens, uniforms and supplies (2 ) (4 ) Prepaid expenses (1 ) — Deferred tax liabilities (10 ) (8 ) Net deferred tax liabilities $ (6 ) $ (7 ) As of December 31, 2019 , we do not have any material federal or state income tax credits or net operating loss carryforwards. Our income tax expense (benefit) differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following items for the years ended December 31, 2019 , 2018 and 2017 (in millions): For the Year Ended December 31, 2019 2018 2017 Statutory U.S. federal income tax provision (benefit) $ (44 ) $ (45 ) $ 15 State income tax, net of U.S. federal tax benefit 1 2 3 REIT operations not subject to tax 47 43 — Impact of Spin-Off — 15 — Write-off of tax net operating loss carryforwards — 5 — Nondeductible restructuring costs — 7 5 Tax credits — — (1 ) Effects of the Tax Cuts and Jobs Acts — 1 (128 ) Change in valuation allowance — (5 ) (4 ) Other — (2 ) 1 Income tax expense (benefit) $ 4 $ 21 $ (109 ) |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations We had no discontinued operations for the year ended December 31, 2019. In accordance with GAAP, the results of operations related to our former hotel franchise and hotel management business are reported as discontinued operations for the years ended December 31, 2018 and 2017 and are summarized in the table below (in millions): For the Year Ended December 31, 2018 2017 Franchise, Management and Other Fee Based Revenue $ 58 $ 145 Operating Expenses: Corporate, general, administrative and marketing 64 108 Depreciation and amortization 4 8 Total Operating Expenses 68 116 Operating Income (Loss) (10 ) 29 Other Expenses: Interest expense (15 ) (34 ) Loss on extinguishment of debt (7 ) 1 Total Other Expenses (22 ) (33 ) Loss Before Income Taxes (32 ) (4 ) Income tax benefit, primarily current 7 3 Loss from Discontinued Operations, net of tax $ (25 ) $ (1 ) As permitted under GAAP, we elected not to adjust the consolidated statements of cash flows for the years ended December 31, 2018 and 2017 to exclude cash flows attributable to discontinued operations. As such, the following table presents selected financial information of the former hotel franchise and hotel management business included in the consolidated statements of cash flows (in millions): For the Year Ended December 31, 2018 2017 Non-cash items included in net income (loss): Depreciation and amortization $ 4 $ 8 Amortization of deferred costs $ 1 $ 3 Loss on extinguishment of debt $ 7 $ — Equity based compensation expense $ 4 $ 9 Investing activities: Capital expenditures $ 11 $ 22 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value, as defined by GAAP, is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy) has been established. Assets and Liabilities Measured at Fair Value on a Recurring Basis We use interest rate cap arrangements with financial institutions to manage our exposure to interest rate changes for our loans that utilize floating interest rates. We have an interest rate cap we entered into in 2018, which is classified within other assets. As of December 31, 2019 , the fair value was zero and as of December 31, 2018 the fair value was $0.2 million . The fair value was determined as Level 2 under the fair value hierarchy. During 2019 and 2018 we recorded interest expense of $0.2 million and $1 million , respectively, related to the change in fair value of the interest rate cap. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We have recorded non-cash impairment losses related to the reduction in the fair value of certain of our real estate investment and long-lived assets. The real estate impairment losses related to changes in management’s estimate of the intended holding periods for certain of our hotels. Our process to estimate the fair value of an asset involves using the sales price of an executed sales agreement, which would be considered Level 2 assumptions within the fair value hierarchy. To the extent that this type of third-party information is unavailable, we estimated revenue multiples that we believe would be used by a third-party market participant in estimating the fair value of an asset. This is considered a Level 3 assumption within the fair value hierarchy. The following table summarizes the assets which were measured at fair value and impaired during 2019 and 2018 (in millions): Basis of Fair Value Measurements Fair Value of Assets at Impairment Quoted Prices in Active Market for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (1) Total For the year ended December 31, 2019 Real estate $ 299 $ — $ 31 $ 268 $ 138 Right of use assets $ 22 $ — $ — $ 22 $ 3 For the year ended December 31, 2018 Real estate $ 161 $ — $ — $ 161 $ 154 ____________________ (1) The Level 3 unobservable inputs consist of internally developed cash flow models and fair value estimates that included projections of revenues, expenses and capital expenditures and market valuations based on multiples of revenue generally ranging from 2.0 x to 3.0 x for 2019 and from 1.3 x to 2.8 x for 2018. These assumptions were based on trends and comparable transactions in the lodging industry; our historical data and experience; our budgets, including those prepared by our third-party hotel manager; lodging industry valuation trends; and micro- and macro-economic trends and projections. Our estimated fair values also considered factors related to our franchise and management agreements, requirements to meet certain brand standards and other potential costs to be incurred during our projected holding period. Financial Instruments Not Reported at Fair Value For those financial instruments not carried at fair value, the carrying amount and estimated fair values of our financial assets and liabilities were as follows as of December 31, 2019 and 2018 (in millions): December 31, 2019 December 31, 2018 Carrying Fair Value Carrying Fair Debt - CMBS Facility (1)(2) $ 921 $ 921 $ 1,035 $ 1,035 Mandatorily redeemable preferred shares (1) $ 15 $ 15 $ 15 $ 15 ____________________ (1) Classified as Level 3 under the fair value hierarchy. (2) Carrying amount excludes deferred debt issuance costs of $6 million and $21 million as of December 31, 2019 and 2018 , respectively. We estimate the fair value of our debt and mandatorily redeemable preferred stock by using discounted cash flow analysis based on current market inputs for similar types of arrangements. As these instruments predominantly have interest rates set by floating rates or due to the recent issuance of the instruments and short remaining life, we have estimated that the contractual interest rates approximate their market rate. Fluctuations in these assumptions will result in different estimates of fair value. We believe the carrying amounts of our cash and cash equivalents, accounts receivable and lender and other escrows approximate fair value as of December 31, 2019 and 2018 , due to their short-term nature. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of December 31, 2019 and 2018, The Blackstone Group, Inc. (“Blackstone”) beneficially owned approximately 30% of our outstanding shares of common stock and is a participating lender under our CMBS Facility. As of December 31, 2019 and 2018, the portion of our CMBS Facility outstanding balance due to Blackstone was $88 million and $99 million , respectively. Total interest payments made to Blackstone for each of the years ended December 31, 2019 and 2018 were $6 million . Prior to the Spin-Off in 2018, we purchased products and services from entities affiliated with or owned by Blackstone in the ordinary course of operating our business. We paid $1 million and $3 million , respectively, for these products and services during the years ended December 31, 2018 and 2017. Subsequent to the Spin-Off, these products and services are contracted independently by our hotel manager. In September 2018, we entered into a consulting agreement with Mr. Glenn Alba, a member of our board of directors, pursuant to which Mr. Alba provides consulting services in connection with developing, reviewing and advising on our real estate and capital deployment policies, strategies and programs. Mr. Alba has received and will continue to receive $8 thousand |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information The following table presents the supplemental cash flow information for the years ended December 31, 2019 , 2018 and 2017 (in millions): For the Year Ended December 31, 2019 2018 2017 Supplemental cash flow information: Interest paid during the period $ 52 $ 81 $ 77 Income taxes paid during the period, net of refunds $ 1 $ 7 $ 22 Non-cash investing and financing activities: Capital expenditures included in accounts payable $ 1 $ 9 $ 14 Cash flow hedge adjustment, net of tax $ — $ 1 $ 5 Casualty receivable related to real estate $ 7 $ 10 $ 23 Dividends payable on common stock $ 11 $ 12 $ — Recognition of right of use operating lease assets and operating lease liabilities $ 28 $ — $ — Financing of property insurance prepaids $ 14 $ — $ — See Note 13 “Discontinued Operations” for additional information on supplemental disclosures of cash flow information related to discontinued operations. |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (unaudited) | Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2019 and 2018 (in millions, except per share data): 2019 Quarters Ended March 31 June 30 September 30 December 31 Total Revenues $ 208 $ 219 $ 215 $ 170 Operating loss $ (6 ) $ (5 ) $ — $ (161 ) Net loss $ (27 ) $ (19 ) $ (12 ) $ (154 ) Basic loss per share $ (0.47 ) $ (0.32 ) $ (0.22 ) $ (2.73 ) Diluted loss per share $ (0.47 ) $ (0.32 ) $ (0.22 ) $ (2.73 ) Common stock dividend declared per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2018 Quarters Ended March 31 June 30 September 30 December 31 Total Revenues $ 196 $ 233 $ 234 $ 199 Operating income (loss) $ 2 $ (2 ) $ 7 $ (164 ) Loss from Continuing Operations, net of tax (10 ) (28 ) (13 ) (186 ) Loss from Discontinued Operations, net of tax (5 ) (20 ) — — Net loss $ (15 ) $ (48 ) $ (13 ) $ (186 ) Basic loss per share: Continuing operations $ (0.17 ) $ (0.48 ) $ (0.22 ) $ (3.17 ) Discontinued operations (0.09 ) (0.34 ) — — Basic loss per share $ (0.26 ) $ (0.82 ) $ (0.22 ) $ (3.17 ) Diluted loss per share: Continuing operations $ (0.17 ) $ (0.48 ) $ (0.22 ) $ (3.17 ) Discontinued operations (0.09 ) (0.34 ) — — Diluted loss per share $ (0.26 ) $ (0.82 ) $ (0.22 ) $ (3.17 ) Common stock dividend declared per share $ — $ — $ 0.267 $ 0.20 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On November 13, 2019, our board of directors authorized and we declared a cash dividend of $0.20 per share of common stock with respect to the fourth quarter of 2019. The fourth quarter dividend was paid on January 15, 2020 to stockholders of record as of December 30, 2019. On March 12, 2020, our board of directors authorized and we declared a cash dividend of $0.20 per share of common stock with respect to the first quarter of 2020. The first quarter dividend will be paid on April 15, 2020 to stockholders of record as of March 31, 2020. All future dividends will be at the sole discretion of CorePoint’s board of directors. On March 12, 2020, we provided notice to the lenders to borrow substantially all of our current availability under the Revolving Facility. Subsequent to December 31, 2019, we sold, in separate transactions, 17 operating hotels for gross sales price of $74 million , recognizing an estimated gain on sales of approximately $18 million . As of December 31, 2019, none of these hotels were classified as assets held for sale because they did not meet the accounting criteria established for such classification. We used $41 million of the net sales proceeds to pay down the principal of the CMBS Facility. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation Schedule III | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation Schedule III | Initial Cost Property Name State Encumbrances (1) Land Buildings and Costs capitalized subsequent to acquisition (2) Gross amount carried Accumulated Year Built Date of Acquisition El Paso - Cielo Vista TX $ 1.0 $ 2.3 $ 4.7 $ (1.1 ) $ 5.9 $ (3.1 ) 1988 2006 Charlotte - Airport South NC 3.8 0.7 6.0 2.3 9.0 (4.3 ) 1998 2006 Atlanta - Perimeter / Medical Center GA 4.8 4.6 9.2 6.6 20.4 (6.6 ) 1998 2006 Fremont / Silicon Valley CA 11.9 3.3 2.4 2.7 8.4 (3.0 ) 1999 2006 Ontario - Airport CA 7.4 9.0 13.9 3.7 26.6 (7.6 ) 1998 2006 Orlando - Airport North FL 7.2 6.5 11.4 4.5 22.4 (6.9 ) 1998 2006 Greenville - Haywood Road SC 6.9 1.0 7.5 3.1 11.6 (4.9 ) 1999 2006 Las Vegas - Summerlin Tech Center NV 7.1 5.3 10.3 4.9 20.5 (6.2 ) 1999 2006 Atlanta Ballpark / Galleria GA 6.5 3.6 8.8 3.2 15.6 (5.7 ) 1997 2006 Austin - Southwest TX 6.8 13.5 4.8 2.3 20.6 (3.6 ) 1997 2006 Houston - Bush IAH South TX 1.6 2.8 9.2 (5.5 ) 6.5 (1.4 ) 1999 2006 Oklahoma City - Northwest Expressway OK 2.4 2.0 8.7 (5.4 ) 5.3 (0.8 ) 1999 2006 Orlando - University of Central Florida FL 3.3 5.5 10.0 6.0 21.5 (5.3 ) 1999 2006 Winston - Salem NC 3.7 5.8 9.4 (7.4 ) 7.8 (1.1 ) 1999 2006 Orlando I-Drive / Convention Center FL 2.9 6.3 13.5 4.3 24.1 (6.6 ) 1999 2006 University Area Chapel Hill NC 4.0 3.1 10.4 3.3 16.8 (6.3 ) 1999 2006 Raleigh / Durham Southpoint NC 2.7 0.9 7.1 3.5 11.5 (5.9 ) 1999 2006 Austin - Airport TX 6.0 2.5 9.7 7.2 19.4 (6.6 ) 1999 2006 Greensboro NC 3.9 4.0 9.2 (4.4 ) 8.8 (1.0 ) 1999 2006 El Paso - East Lomaland TX 1.5 1.1 6.4 1.6 9.1 (6.9 ) 1980 2006 Odessa TX 4.5 0.7 6.3 2.8 9.8 (7.3 ) 1981 2006 Amarillo - Airport TX 1.2 1.2 6.3 (4.4 ) 3.1 (1.1 ) 1983 2006 Midland - Wall Street TX 4.9 0.4 7.1 2.9 10.4 (6.5 ) 1983 2006 Farmington NM 1.6 1.0 5.9 1.0 7.9 (4.8 ) 1983 2006 Austin South / I-35 TX 2.2 1.9 6.3 1.5 9.7 (5.4 ) 1983 2006 San Antonio - Riverwalk TX 21.5 14.2 17.9 7.8 39.9 (10.9 ) 2005 2006 Laredo - I-35 TX 3.2 1.8 4.6 3.0 9.4 (6.6 ) 1969 2006 El Paso - Airport TX 2.1 3.3 5.2 2.2 10.7 (6.6 ) 1969 2006 San Antonio - South TX 1.2 1.9 4.4 2.6 8.9 (6.0 ) 1970 2006 Dallas - Uptown TX 2.2 5.4 1.5 2.7 9.6 (3.1 ) 1971 2006 Wichita Falls Event Center North TX 1.6 1.9 5.9 2.4 10.2 (7.5 ) 1973 2006 Denver - Cherry Creek CO 4.3 4.4 4.0 3.4 11.8 (5.9 ) 1974 2006 Initial Cost Property Name State Encumbrances (1) Land Buildings and Costs capitalized subsequent to acquisition (2) Gross amount carried Accumulated Year Built Date of Acquisition Dallas - DFW Airport South / Irving TX 7.0 0.6 5.8 2.7 9.1 (4.1 ) 2002 2006 Austin - Oltorf TX 2.3 6.5 3.8 1.6 11.9 (5.3 ) 1975 2006 San Antonio - Lackland TX 2.7 0.7 6.0 3.1 9.8 (8.1 ) 1975 2006 Killeen - Fort Hood TX 1.8 1.4 6.1 2.4 9.9 (7.3 ) 1976 2006 Clute - Lake Jackson TX 2.4 0.4 5.2 (2.9 ) 2.7 (1.0 ) 1977 2006 Austin - University Area TX 1.7 1.9 6.1 2.1 10.1 (6.8 ) 1977 2006 Tallahassee - North FL 2.7 3.0 9.1 2.7 14.8 (10.1 ) 1979 2006 College Station TX 3.3 1.0 9.9 2.9 13.8 (11.1 ) 1980 2006 Costa Mesa Orange County CA 4.4 7.5 6.2 2.4 16.1 (7.3 ) 1980 2006 Reno NV 4.0 1.4 7.3 1.6 10.3 (7.7 ) 1981 2006 Champaign IL 1.8 1.8 6.7 (3.7 ) 4.8 (0.9 ) 1982 2006 San Antonio - I-35 at Rittiman Road TX 1.2 0.7 7.1 2.2 10.0 (8.0 ) 1981 2006 Nashville - South TN 3.9 0.8 5.9 2.5 9.2 (6.0 ) 1982 2006 Lexington KY 1.3 2.5 7.1 (5.7 ) 3.9 (0.9 ) 1982 2006 Phoenix - Sky Harbor Airport AZ 2.8 3.8 7.0 1.9 12.7 (6.2 ) 1982 2006 San Antonio - Market Square TX 3.9 6.3 5.8 2.4 14.5 (5.6 ) 1982 2006 Bossier City LA 1.3 4.4 6.7 (7.6 ) 3.5 (1.0 ) 1982 2006 Eagle Pass TX 1.1 0.9 6.7 1.3 8.9 (5.5 ) 1982 2006 New Orleans West Bank / Gretna LA — — — 12.2 12.2 (7.7 ) 1984 1984 New Orleans Veterans - Metairie LA — — 0.6 (0.6 ) — — 1984 2006 Lufkin TX 1.3 1.3 5.3 (0.4 ) 6.2 (4.2 ) 1984 2006 Temple TX 1.2 1.1 5.3 (2.6 ) 3.8 (1.0 ) 1984 2006 Norfolk - Virginia Beach VA 2.3 5.1 6.9 (3.9 ) 8.1 (4.5 ) 1984 2006 San Antonio Sea World Ingram Park TX 2.1 5.1 7.3 (5.8 ) 6.6 (1.9 ) 1984 2006 Augusta GA 1.3 1.2 6.6 0.2 8.0 (5.5 ) 1985 2006 El Paso - West TX 1.1 1.6 6.3 1.3 9.2 (5.3 ) 1984 2006 Tampa Bay Airport FL 4.7 8.2 6.1 (2.0 ) 12.3 (6.8 ) 1978 2006 Pensacola FL 1.7 3.2 7.4 (5.8 ) 4.8 (1.3 ) 1985 2006 Stockton CA 6.5 1.1 10.3 1.4 12.8 (8.1 ) 1984 2006 Pittsburgh Airport PA 1.6 0.6 6.9 2.3 9.8 (6.3 ) 1985 2006 Albuquerque - Northeast NM 1.4 2.0 6.9 1.5 10.4 (5.8 ) 1983 2006 Colorado Springs - Garden of the Gods CO 3.3 0.7 5.2 1.8 7.7 (4.8 ) 1985 2006 Sacramento - North CA 1.9 — 8.3 (2.6 ) 5.7 (4.7 ) 1985 2006 Denver - Golden CO 5.7 1.7 6.4 2.5 10.6 (6.1 ) 1985 2006 Amarillo - Medical Center TX 1.0 0.9 6.4 (4.2 ) 3.1 (1.3 ) 1986 2006 San Antonio - I-35 North at Toepperwein TX 1.5 2.6 8.7 (5.1 ) 6.2 (1.2 ) 1986 2006 Orlando - Airport West FL 3.3 1.1 7.3 2.4 10.8 (5.5 ) 1987 2006 Initial Cost Property Name State Encumbrances (1) Land Buildings and Costs capitalized subsequent to acquisition (2) Gross amount carried Accumulated Year Built Date of Acquisition San Diego - Vista CA 2.8 2.4 7.9 (0.9 ) 9.4 (4.9 ) 1987 2006 Denver - Northglenn CO 2.2 2.4 4.5 1.9 8.8 (4.3 ) 1986 2006 Bakersfield - South CA 2.2 1.0 8.5 1.9 11.4 (6.9 ) 1986 2006 San Diego - Chula Vista CA 5.0 2.2 8.6 2.9 13.7 (7.5 ) 1986 2006 Houston - Cyfair TX 1.8 1.4 6.9 (5.7 ) 2.6 (0.9 ) 1986 2006 Fresno - Yosemite CA 5.3 1.0 9.5 2.4 12.9 (7.9 ) 1986 2006 Denver - Westminster CO 4.0 0.9 5.9 2.0 8.8 (5.3 ) 1986 2006 Ventura CA 7.2 4.0 8.3 3.0 15.3 (6.4 ) 1988 2006 San Diego - Miramar CA 5.4 2.4 9.0 2.3 13.7 (6.7 ) 1987 2006 Fort Lauderdale - I-95 at Hillsboro East FL 3.4 2.0 11.0 3.3 16.3 (9.6 ) 1986 2006 San Francisco Airport North CA 13.9 3.8 3.1 14.7 21.6 (6.1 ) 1987 2006 Santa Fe NM 2.3 1.1 7.5 2.0 10.6 (6.6 ) 1986 2006 Irvine Spectrum CA 5.3 7.0 8.3 2.9 18.2 (7.7 ) 1986 2006 Miami - Airport North FL 3.7 6.3 7.2 6.9 20.4 (6.7 ) 1986 2006 San Angelo - Inn and Conference Center TX 1.5 2.0 6.2 3.0 11.2 (8.0 ) 1974 2006 Moline - Airport IL 1.1 0.6 5.9 1.4 7.9 (6.7 ) 1975 2006 St. Louis - Westport MO 3.4 1.0 7.0 (1.1 ) 6.9 (0.9 ) 1997 2006 Seattle - Sea-Tac Airport WA 7.4 4.1 10.0 3.5 17.6 (7.6 ) 1986 2006 Seattle - Bellevue / Kirkland WA 8.1 7.2 8.3 3.9 19.4 (7.7 ) 1986 2006 Tacoma - Seattle WA 7.6 2.4 15.7 5.3 23.4 (11.1 ) 1985 2006 Salt Lake City - Layton UT 3.3 0.7 4.5 1.8 7.0 (3.9 ) 1983 2006 Galveston East Beach TX 3.4 3.5 5.5 4.7 13.7 (5.6 ) 1978 2006 Clearwater Airport FL 3.6 2.6 5.7 2.1 10.4 (4.5 ) 1986 2006 Arlington - North / Dallas TX 7.8 3.9 8.1 16.4 28.4 (9.4 ) 2006 2006 Las Cruces - Mesilla Valley NM 1.3 3.7 5.6 (5.4 ) 3.9 (1.1 ) 1980 2006 Houston - Stafford Sugarland TX 1.3 3.5 6.2 (5.3 ) 4.4 (1.0 ) 1986 2006 Tucson - East AZ 2.9 4.3 5.5 2.9 12.7 (4.9 ) 1977 2006 Corpus Christi - North TX 2.2 1.0 5.1 2.5 8.6 (6.2 ) 1973 2006 Phoenix - Thomas Road AZ 2.2 2.0 4.7 1.8 8.5 (5.7 ) 1973 2006 Dallas - North Central TX 2.2 2.9 8.0 2.4 13.3 (4.9 ) 1974 2006 San Antonio - Vance Jackson TX 0.7 0.8 4.6 2.0 7.4 (5.5 ) 1974 2006 Huntsville - Research Park AL 1.6 1.8 6.9 (1.8 ) 6.9 (5.3 ) 1985 2006 Kansas City - Lenexa KS 1.0 1.0 5.0 2.3 8.3 (6.0 ) 1978 2006 Salt Lake City - Midvale UT 1.9 0.8 4.3 2.2 7.3 (5.5 ) 1978 2006 Merrillville IN 1.0 0.6 3.5 2.0 6.1 (4.4 ) 1979 2006 Cheyenne WY 1.9 0.5 6.1 1.7 8.3 (6.4 ) 1981 2006 Omaha - Northwest NE 1.1 0.6 6.8 (4.1 ) 3.3 (1.4 ) 1981 2006 Initial Cost Property Name State Encumbrances (1) Land Buildings and Costs capitalized subsequent to acquisition (2) Gross amount carried Accumulated Year Built Date of Acquisition Albuquerque - Airport NM 1.3 1.6 5.5 (3.4 ) 3.7 (0.9 ) 1982 2006 Fort Myers - Central FL 1.6 3.4 7.3 (4.0 ) 6.7 (1.0 ) 1984 2006 Denver - Central CO 3.2 0.8 5.9 2.0 8.7 (6.8 ) 1980 2006 Round Rock North TX 1.8 1.9 4.5 2.2 8.6 (4.1 ) 1987 2006 Austin Capitol / Downtown TX 7.1 4.5 9.2 5.3 19.0 (7.0 ) 1965 2006 Phoenix - North AZ 2.3 3.6 6.6 (1.5 ) 8.7 (4.7 ) 1979 2006 Redding CA 3.8 1.2 12.6 2.1 15.9 (7.6 ) 1965 2006 New Orleans - Airport LA 7.3 4.8 4.9 6.3 16.0 (6.9 ) 1973 2006 Sacramento - Downtown CA 5.6 3.0 11.6 (2.8 ) 11.8 (6.3 ) 1970 2006 Nashville - Airport/Opryland TN 3.9 1.1 5.6 2.8 9.5 (4.5 ) 1986 2006 Buena Park CA 9.6 4.7 10.4 3.2 18.3 (7.1 ) 1987 2006 San Antonio - Airport TX 8.2 3.7 18.2 3.9 25.8 (10.7 ) 2002 2006 Lubbock - Medical Center TX 1.8 0.5 10.6 (6.2 ) 4.9 (1.2 ) 1986 2006 Las Vegas Airport North Convention Center NV 6.2 18.8 10.5 5.2 34.5 (8.3 ) 1984 2006 Fort Stockton TX 2.5 0.5 4.3 1.4 6.2 (3.0 ) 1983 2006 San Marcos TX 2.5 2.8 4.4 (1.8 ) 5.4 (0.9 ) 1993 2006 Kingsport Tri-Cities Airport TN 2.2 0.5 6.6 2.1 9.2 (4.6 ) 1991 2006 Austin at The Domain TX 6.3 4.1 10.2 5.7 20.0 (6.7 ) 1996 2006 Dallas - Addison Galleria TX 2.9 2.6 5.6 2.6 10.8 (4.7 ) 1996 2006 Flagstaff AZ 6.6 4.9 8.9 5.8 19.6 (6.5 ) 1996 2006 Macon GA 2.4 2.6 11.1 (7.8 ) 5.9 (1.1 ) 1996 2006 Fort Lauderdale - Cypress Creek I-95 FL 4.7 4.2 10.8 (3.7 ) 11.3 (1.7 ) 1987 2006 Dallas - DFW Airport North / Irving TX 3.7 2.4 5.6 5.7 13.7 (7.1 ) 1996 2006 Raleigh-Durham Airport / Hospitality Court NC 4.0 3.8 10.2 3.2 17.2 (7.2 ) 1996 2006 Tucson - Airport AZ 3.8 2.0 11.0 2.6 15.6 (7.1 ) 1996 2006 Denver - Tech Center CO 4.8 1.1 7.6 5.3 14.0 (5.4 ) 1996 2006 Phoenix - Scottsdale AZ 7.6 5.2 9.4 3.9 18.5 (6.3 ) 1996 2006 Birmingham - Homewood AL 2.8 5.1 10.0 (8.1 ) 7.0 (1.1 ) 1996 2006 Fort Worth - North TX 3.7 2.9 8.7 (2.6 ) 9.0 (0.8 ) 1996 2006 Myrtle Beach - Broadway Area SC 5.8 1.2 7.6 3.3 12.1 (4.6 ) 1997 2006 Denver - Louisville / Boulder CO 4.0 1.0 7.6 5.3 13.9 (5.3 ) 1997 2006 Shreveport Airport LA 3.8 1.7 8.2 5.1 15.0 (5.4 ) 1997 2006 Fort Worth - City View TX 3.1 6.3 8.0 (5.7 ) 8.6 (0.8 ) 1997 2006 Salt Lake City - Airport UT 3.6 2.5 8.0 (2.4 ) 8.1 (0.9 ) 1997 2006 Raleigh - Crabtree NC 4.0 3.6 9.8 3.9 17.3 (7.3 ) 1998 2006 Arlington - South / Dallas TX 3.3 7.4 7.5 3.2 18.1 (5.7 ) 1997 2006 Alexandria Airport LA 2.6 2.1 8.2 (6.6 ) 3.7 (1.0 ) 1997 2006 Initial Cost Property Name State Encumbrances (1) Land Buildings and Costs capitalized subsequent to acquisition (2) Gross amount carried Accumulated Year Built Date of Acquisition Orem - University Parkway UT 3.5 1.1 9.0 (3.0 ) 7.1 (0.8 ) 1997 2006 Houston - Galleria Area TX 5.4 13.2 12.0 (10.3 ) 14.9 (1.3 ) 1998 2006 Atlanta - Alpharetta GA 4.1 2.1 7.4 5.5 15.0 (5.3 ) 1997 2006 Tampa - Brandon Regency Park FL 4.4 10.6 9.6 4.5 24.7 (5.8 ) 1997 2006 Raleigh - Cary NC 2.6 1.5 7.7 3.5 12.7 (6.2 ) 1998 2006 Oklahoma City - Norman OK 2.7 2.6 8.1 4.7 15.4 (5.4 ) 1997 2006 Dallas - Plano West TX 3.5 1.9 7.9 (1.9 ) 7.9 (0.8 ) 1998 2006 Jacksonville - Butler Boulevard FL 4.6 3.8 10.2 2.4 16.4 (6.1 ) 1997 2006 Grand Junction - Airport CO 4.0 1.1 8.8 4.2 14.1 (5.5 ) 1998 2006 Atlanta - Conyers GA 3.5 4.1 8.7 5.3 18.1 (6.1 ) 1998 2006 Pueblo CO 4.8 1.3 7.2 1.8 10.3 (4.5 ) 1998 2006 Phoenix - Mesa West AZ 4.5 3.3 10.5 3.1 16.9 (6.0 ) 1998 2006 Lakeland - West FL 3.4 5.7 9.0 (7.9 ) 6.8 (0.9 ) 1997 2006 Panama City FL 4.1 4.5 9.9 1.1 15.5 (3.3 ) 1998 2006 Mesa Superstition Springs AZ 4.5 5.0 8.7 2.7 16.4 (5.6 ) 1997 2006 University of South Florida - Busch Gardens FL 4.6 6.9 7.8 (5.3 ) 9.4 (0.9 ) 1997 2006 Denver - Airport / DIA CO 8.6 4.9 13.6 6.2 24.7 (8.0 ) 1998 2006 Albuquerque - West NM 4.1 1.1 6.7 2.2 10.0 (4.5 ) 1998 2006 Miami - Airport West FL 4.1 4.7 11.2 3.7 19.6 (5.9 ) 1998 2006 Colorado Springs - South / Airport CO 7.1 1.3 11.2 1.7 14.2 (6.2 ) 1998 2006 Ft. Lauderdale - Plantation at Peters Road FL 4.8 4.3 10.4 3.7 18.4 (6.2 ) 1998 2006 New Orleans Downtown LA 8.2 2.2 16.0 13.2 31.4 (11.1 ) 1999 2006 Phoenix - West / Peoria AZ 5.3 4.5 8.8 1.7 15.0 (4.4 ) 1998 2006 Ft. Lauderdale - Airport FL 4.3 2.5 10.7 5.7 18.9 (6.5 ) 1998 2006 Denver - Southwest / Lakewood CO 5.8 1.2 6.7 1.8 9.7 (4.3 ) 1998 2006 Orlando - Lake Mary FL 5.4 4.3 10.1 5.2 19.6 (6.8 ) 1998 2006 Ocala FL 3.8 2.3 9.7 (4.6 ) 7.4 (0.9 ) 1998 2006 Phoenix - Chandler AZ 3.6 4.6 8.1 4.6 17.3 (4.9 ) 1998 2006 Omaha - Southwest NE 0.8 0.6 2.6 0.4 3.6 (2.7 ) 1979 2006 Cleveland - Macedonia OH 1.9 0.8 2.1 2.1 5.0 (2.4 ) 1997 2006 Cleveland - Independence OH 1.3 0.7 2.9 2.4 6.0 (3.5 ) 1990 2006 Milwaukee - Delafield WI 2.3 1.7 5.2 2.2 9.1 (3.7 ) 1997 2006 Sheboygan WI 1.6 0.3 4.4 1.7 6.4 (5.8 ) 1975 2006 Kansas City - North MO 1.8 1.1 3.6 2.2 6.9 (4.1 ) 1991 2006 Springdale AR 3.6 1.8 4.1 (0.4 ) 5.5 (1.4 ) 1994 2006 Hartford - Bradley International Airport CT 3.7 1.3 6.0 7.4 14.7 (5.3 ) 1991 2006 Jacksonville - Mandarin / San Jose FL 4.0 0.9 4.2 3.5 8.6 (4.2 ) 1989 2006 Initial Cost Property Name State Encumbrances (1) Land Buildings and Costs capitalized subsequent to acquisition (2) Gross amount carried Accumulated Year Built Date of Acquisition Orlando - South FL 1.7 3.4 4.7 (1.5 ) 6.6 (1.3 ) 1988 2006 Atlanta Midtown - Buckhead GA 3.0 2.0 1.3 5.6 8.9 (2.1 ) 1985 2006 Clive - West Des Moines IA 1.9 1.4 5.2 (1.4 ) 5.2 (0.8 ) 1993 2006 Chicago - Tinley Park IL 1.5 0.5 4.1 3.9 8.5 (4.5 ) 1995 2006 Baton Rouge - Siegan Lane LA 2.6 1.9 4.5 (3.0 ) 3.4 (0.9 ) 1985 2006 Auburn - Worcester MA 1.5 — 1.8 2.6 4.4 (2.7 ) 1985 2006 Detroit - Canton MI 1.3 0.7 3.9 2.2 6.8 (3.5 ) 1987 2006 Detroit - Southgate MI 1.6 0.7 4.8 1.3 6.8 (3.6 ) 1991 2006 Meridian MS 1.8 1.3 3.3 2.0 6.6 (3.7 ) 1985 2006 Plattsburgh NY 1.3 1.6 4.5 (1.8 ) 4.3 (1.1 ) 1996 2006 Cleveland - Airport North OH 1.6 — 3.1 2.4 5.5 (0.8 ) 1992 2006 Mansfield OH 1.7 1.5 3.7 (0.6 ) 4.6 (0.9 ) 1996 2006 Hershey - Harrisburg Airport PA 3.3 3.1 5.8 (2.7 ) 6.2 (0.9 ) 1990 2006 Nashville - Franklin TN 3.0 0.7 3.5 2.5 6.7 (3.2 ) 1993 2006 Milwaukee - Airport / Oak Creek WI 1.9 0.8 5.7 1.3 7.8 (4.1 ) 1988 2006 Stevens Point WI 0.8 0.2 3.4 1.0 4.6 (2.6 ) 1989 2006 Tampa - Fairgrounds Casino FL 3.2 0.9 3.0 2.0 5.9 (3.3 ) 1988 2006 Toledo - Perrysburg OH 1.7 1.6 1.8 2.0 5.4 (2.1 ) 1996 2006 Columbia MO 2.3 1.1 4.6 (1.3 ) 4.4 (1.3 ) 1988 2006 Melbourne Viera FL 4.2 7.8 5.2 2.5 15.5 (3.9 ) 1995 2006 Naples - East FL 3.2 1.0 5.2 0.5 6.7 (0.9 ) 1995 2006 Sunrise Sawgrass Mills FL 3.4 3.8 5.2 5.3 14.3 (5.5 ) 1995 2006 Detroit - Utica MI 4.2 2.1 5.4 5.8 13.3 (4.6 ) 1997 2006 Miami - Cutler Bay FL 4.1 4.6 4.9 (0.3 ) 9.2 (1.6 ) 1996 2006 Chicago - Willowbrook IL 2.8 2.3 6.3 (2.4 ) 6.2 (1.0 ) 1987 2006 Austin Round Rock TX 2.5 1.2 1.6 3.2 6.0 (0.7 ) 1998 2006 Milwaukee - West / New Berlin WI 2.3 3.7 2.2 (0.6 ) 5.3 (0.7 ) 2001 2006 Boston - Somerville MA 10.8 — 12.5 4.0 16.5 (8.2 ) 2000 2006 Los Angeles - LAX Airport CA 16.3 3.1 17.6 32.7 53.4 (15.4 ) 1972 2006 Orange County Airport CA 8.1 2.2 12.4 16.3 30.9 (9.7 ) 1985 2006 Myrtle Beach- North Kings Highway SC 3.9 1.2 5.7 6.5 13.4 (4.6 ) 1986 2006 Islip - MacArthur Airport NY 6.6 2.3 16.9 (6.6 ) 12.6 (2.0 ) 2006 2006 Anaheim CA 5.6 — 7.3 5.1 12.4 (5.6 ) 1992 2006 Minneapolis - Bloomington West MN 4.3 2.1 12.2 11.7 26.0 (9.5 ) 1980 2006 Chicago Downtown IL 18.2 1.5 8.4 49.2 59.1 (17.7 ) 2009 2009 Fort Lauderdale - Northeast FL — — 9.2 (0.9 ) 8.3 (2.4 ) 1968 2006 West Palm Beach - Florida Turnpike FL 3.3 1.1 6.4 4.4 11.9 (4.5 ) 1988 2006 Initial Cost Property Name State Encumbrances (1) Land Buildings and Costs capitalized subsequent to acquisition (2) Gross amount carried Accumulated Year Built Date of Acquisition South Burlington VT 3.0 1.7 7.3 2.4 11.4 (4.0 ) 1988 2007 St. Albans VT 1.9 1.2 4.7 (1.1 ) 4.8 (1.1 ) 1996 2006 Fort Myers Beach / Sanibel Gateway FL 4.8 1.7 9.8 9.7 21.2 (5.3 ) 1986 2006 Charlotte - Airport North NC 2.5 1.0 4.1 2.9 8.0 (3.6 ) 1986 2006 Charleston - Riverview SC 6.6 1.8 9.9 4.0 15.7 (5.5 ) 1987 2006 Sacramento - Rancho Cordova CA 5.1 2.6 9.3 8.8 20.7 (5.4 ) 1985 2006 Thousand Oaks - Newbury Park CA 3.2 2.0 11.5 0.6 14.1 (6.1 ) 1987 2006 Baltimore - North MD 3.6 2.2 12.3 (6.6 ) 7.9 (1.1 ) 1987 2007 Baltimore - BWI Airport MD 3.6 3.2 18.3 (12.2 ) 9.3 (1.3 ) 1990 2007 Columbia / Fort Meade MD 2.4 2.5 13.4 (11.9 ) 4.0 (1.0 ) 1989 2007 New Haven CT 2.8 — 6.1 1.0 7.1 (2.0 ) 1972 2007 Portland ME 4.6 1.3 5.4 9.4 16.1 (4.5 ) 1985 2007 Salem NH 2.8 1.3 4.9 2.4 8.6 (0.9 ) 1987 2007 Stamford / New York City CT 2.9 5.6 16.8 (8.6 ) 13.8 (7.1 ) 1975 2007 Warwick Providence Airport RI 2.9 2.9 10.3 (5.7 ) 7.5 (1.0 ) 1990 2007 Virginia Beach VA 4.8 3.7 8.6 9.2 21.5 (5.4 ) 1987 2007 Garden City NY 4.3 7.6 14.8 (9.4 ) 13.0 (1.8 ) 1999 2007 Oshkosh WI 1.4 1.0 2.7 2.1 5.8 (4.2 ) 1973 2006 Fort Lauderdale - Tamarac East FL 1.1 1.0 2.0 3.4 6.4 (1.3 ) 1988 2006 Tampa - Brandon West FL 2.5 6.7 3.0 (3.4 ) 6.3 (1.3 ) 1985 2006 Atlanta - Roswell GA 1.7 1.2 2.3 2.5 6.0 (2.6 ) 1990 2006 Indianapolis - East/Post Drive IN 1.3 3.5 4.6 (4.5 ) 3.6 (0.7 ) 1993 2006 Kenosha - Pleasant Prairie WI 0.9 0.9 3.0 1.3 5.2 (3.5 ) 1979 2006 North Little Rock - McCain Mall AR 2.5 0.9 4.2 2.0 7.1 (3.5 ) 1990 2006 Savannah - Southside GA 2.7 1.8 4.2 2.7 8.7 (4.8 ) 1986 2006 Albuquerque - Northwest NM — — 4.4 (2.1 ) 2.3 (0.6 ) 1990 2006 Houston - Baytown East TX 2.9 0.4 1.4 2.9 4.7 (2.3 ) 1994 2006 Nashville - Airport TN 4.1 1.0 5.2 2.8 9.0 (5.2 ) 1985 2006 Minneapolis Airport / Bloomington MN 2.0 — 7.0 4.1 11.1 (10.0 ) 1989 2006 Las Cruces - Organ Mountain NM 1.2 2.6 1.6 (1.3 ) 2.9 (0.7 ) 1997 2006 El Paso - East TX 1.5 1.3 4.9 1.8 8.0 (3.5 ) 1996 2006 El Paso - West Bartlett TX 0.9 1.0 4.3 (1.8 ) 3.5 (0.8 ) 1992 2006 Lakeland - East FL 1.8 5.3 3.8 (3.0 ) 6.1 (1.2 ) 1996 2006 Miami - Airport East FL 3.9 2.6 6.1 6.5 15.2 (6.8 ) 1991 2006 Boston-Andover MA 4.8 — 1.9 12.3 14.2 (4.4 ) 1981 2006 Denver - Englewood/Tech Center CO 4.5 1.4 4.1 2.6 8.1 (1.6 ) 1972 2006 Bannockburn/Deerfield IL — — 9.2 (4.0 ) 5.2 (2.2 ) 1999 2006 Initial Cost Property Name State Encumbrances (1) Land Buildings and Costs capitalized subsequent to acquisition (2) Gross amount carried Accumulated Year Built Date of Acquisition Cincinnati - Sharonville OH 3.4 2.8 8.6 (1.8 ) 9.6 (1.5 ) 1997 2006 San Antonio - Downtown TX 7.1 2.5 13.0 6.6 22.1 (7.1 ) 1999 2006 Appleton - College Avenue WI 1.6 1.6 5.1 2.2 8.9 (6.2 ) 1988 2006 Milwaukee Bayshore Area WI 2.8 0.4 11.2 (5.1 ) 6.5 (1.6 ) 1994 2006 Madison - American Center WI 1.9 1.1 8.0 (2.0 ) 7.1 (2.0 ) 1997 2006 Clifton/Rutherford NJ — — 24.6 8.3 32.9 (19.0 ) 1973 2014 Fairfield NJ 1.7 — 7.7 (6.1 ) 1.6 (0.3 ) 1974 2014 Armonk Westchester County Airport NY — — 8.4 (8.4 ) — — 1973 2014 Coral Springs South FL 3.3 2.1 7.7 1.0 10.8 (2.2 ) 1987 2014 Deerfield Beach I-95 FL 2.1 0.8 6.5 (1.2 ) 6.1 (0.7 ) 1986 2014 Sunrise FL 3.9 3.0 9.3 0.7 13.0 (2.4 ) 1994 2014 Miami Lakes FL 4.5 3.7 8.0 1.7 13.4 (2.8 ) 1989 2014 Naples - Downtown FL 3.9 2.7 8.3 1.3 12.3 (2.3 ) 1989 2014 Plantation - SW 6th Street FL 4.0 2.2 9.1 2.4 13.7 (2.8 ) 1990 2014 Sarasota Downtown FL 5.0 2.1 9.5 (3.8 ) 7.8 (0.9 ) 1990 2014 West Palm Beach Airport FL 4.1 2.0 7.5 0.5 10.0 (2.0 ) 1989 2014 Fort Lauderdale - Tamarac FL 2.2 2.0 6.7 (1.2 ) 7.5 (0.8 ) 1987 2014 Unallocated (1) (50.2 ) — — — — — $ 921.4 $ 701.6 $ 1,977.5 $ 433.9 $ 3,113.0 $ (1,216.0 ) __________ Each of our hotels and improvements have depreciable lives of 5 to 40 years . Furniture, fixtures and other equipment (“FF&E”) have depreciable lives ranging from 2 to 10 years . Each of our hotels is under the La Quinta brand. (1) The amount of encumbrances represents the lender allocated amount of our CMBS Facility. The “Unallocated” line represents paydowns of our CMBS Facility that were not allocated to a specific property. (2) Includes adjustments to basis, such as impairment losses and casualty adjustments. (3) The aggregate cost of real property for federal income tax purposes is approximately $2.5 billion at December 31, 2019 (unaudited). A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2019 , 2018 and 2017 is as follows (in millions): For the Year Ended December 31, 2019 2018 2017 Real Estate: Balance at the beginning of the year $ 3,643 $ 3,808 $ 3,697 Additions/improvements 95 188 186 Assets disposed/written-off/impaiments (625 ) (353 ) (75 ) Balance at the end of the year $ 3,113 $ 3,643 $ 3,808 Accumulated Depreciation: Balance at the beginning of the year $ 1,386 $ 1,425 $ 1,332 Depreciation expense 181 154 140 Deductions (351 ) (193 ) (47 ) Balance at the end of the year $ 1,216 $ 1,386 $ 1,425 ***** |
Significant Accounting Polici_2
Significant Accounting Policies and Recently Issued Accounting Standards (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Spin-Off from La Quinta Holdings Inc. | Spin-Off from La Quinta Holdings Inc. On May 30, 2018 , La Quinta Holdings Inc. (“LQH Parent,” and together with its consolidated subsidiaries, “LQH”) completed the separation of its hotel ownership business from its hotel franchise and hotel management business. The separation (“Spin-Off”) was made as part of a plan to spin off LQH’s hotel ownership business into a stand-alone, publicly traded company, CorePoint, prior to the merger (“Merger”) of LQH Parent with a wholly owned subsidiary of Wyndham Worldwide Corporation, a Delaware corporation (“Wyndham Worldwide” and including its subsidiaries and affiliates, “Wyndham”). As part of the Spin-Off and Merger, Wyndham became franchisor and manager of our hotel operations. In accordance with accounting principles generally accepted in the United States of America (“GAAP”), the results of operations related to the hotel franchise and hotel management business are reported as discontinued operations for all periods presented. Notwithstanding the legal form of the Spin-Off, for accounting and financial reporting purposes, LQH Parent is presented as being spun-off from CorePoint (a “Reverse Spin”). This presentation is in accordance with GAAP and is primarily a result of the relative significance of CorePoint’s business to LQH’s business, as measured in terms of revenues, profits, and assets. Therefore, CorePoint is considered the divesting entity and treated as the “accounting successor,” and LQH Parent is the “accounting spinnee” and “accounting predecessor” for consolidated financial reporting purposes. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with GAAP. These consolidated financial statements present the consolidated financial position as of December 31, 2019 and 2018 and results of operations of CorePoint for the three years ended December 31, 2019 , giving effect to the Spin-Off, with the historical financial results of LQH Parent reflected as discontinued operations. These consolidated financial statements represent the financial position and results of operations of entities that have historically been under common control of the accounting predecessor, LQH Parent. The accompanying consolidated financial statements include our accounts, as well as our wholly owned subsidiaries and any consolidated variable interest entities (“VIEs”). We recognize noncontrolling interests for the proportionate share of operations for ownership interests not held by our stockholders. All intercompany transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. These estimates include such items as: income taxes; impairment of long-lived assets; casualty losses; fair value evaluations; depreciation and amortization; and equity-based compensation measurements. Actual results could differ from those estimates. |
Investment in Real Estate | Investment in Real Estate Property and equipment and other investments in real estate are stated at cost less accumulated depreciation computed using a straight-line method. Buildings and improvements have an estimated useful life of 5 to 40 years and furniture, fixtures and other equipment have an estimated useful life of 2 to 10 years. Leasehold improvements are depreciated over the shorter of the underlying lease term or the useful lives of the related assets, generally ranging from one to 25 years. |
Impairment of Real Estate Related Assets | Impairment of Real Estate Related Assets For our investments in real estate, we monitor events and changes in circumstances indicating that the carrying amounts of the real estate assets may not be recoverable. When such events or changes are present, we make an assessment of the property’s recoverability by comparing the carrying amount of the asset to our estimate of the aggregate undiscounted future operating cash flows expected to be generated over the holding period of the asset including its eventual disposition. If the carrying amount exceeds the aggregate undiscounted future operating cash flows, we recognize an impairment loss to the extent the carrying amount exceeds the estimated fair value of the property. Any such impairment is treated for accounting purposes similar to an asset acquisition at the estimated fair value, which includes establishing a new cost basis and the elimination of the asset’s accumulated depreciation and amortization. In evaluating our investments for impairment, we undergo continuous evaluations of property level performance and real estate trends, and management makes several estimates and assumptions, including, but not limited to, the projected date of disposition, estimated sales price and future cash flows of each property during our estimated holding period. If our analysis or assumptions regarding the projected cash flows expected to result from the use and eventual disposition of our properties change, we incur additional costs and expenses during the holding period, or our expected hold periods decrease, we may incur future impairment losses. |
Sales of Real Estate | Sales of Real Estate We classify hotels as held for sale when the criteria are met, in accordance with GAAP. At that time, we present the assets and obligations associated with the real estate held for sale separately in our consolidated balance sheet, and we cease recording depreciation and amortization expense related to that asset. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. Upon the disposition of a property, we recognize a gain or loss at a point in time when we determine control of the underlying asset has been transferred to the buyer. Our performance obligation is generally satisfied at the closing of the transaction. Any continuing involvement is analyzed as a separate performance obligation in the contract, and a portion of the sales price is allocated to each performance obligation. When the performance obligation related to the continuing involvement is satisfied, the sales price allocated to it is recognized. There is significant judgment applied to estimate the amount of any variable consideration identified within the sales price and assess its probability of occurrence based on current market information, historical transactions, and forecasted information that is reasonably available. For sales of real estate (or assets classified as held for sale), we evaluate whether the disposition is a strategic shift that will have a major effect on our operations and financial results. When a disposition represents a strategic shift that will have a major effect on our operations and financial results, it will be classified as discontinued operations in our consolidated financial statements for all periods presented. |
Cash and Cash Equivalents | Cash and Cash Equivalents We classify all cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair market value. We classify cash and cash equivalents as restricted cash when contractual agreements or arrangements impose restrictions on our ability to freely access and utilize the cash and cash equivalent amounts. |
Accounts Receivable | Accounts Receivable Accounts receivable primarily consists of receivables due from insurance settlements, our hotel manager, hotel guests, and credit card companies and are carried at estimated collectable amounts. We periodically evaluate our receivables for collectability based on historical experience, the length of time receivables are past due and the financial condition of the debtor. Accounts receivable are written off when collection is not probable. We record uncollectible operating lease receipts as a direct offset to room revenues. Our insurance settlement receivables are recorded based upon the terms of our insurance policies and our estimates of insurance losses. We recognize business interruption claims as revenue when collected and accordingly our accounts receivable do not include any amounts related to estimated business interruption claim recoveries. As of December 31, 2019 and 2018 , we had $12 million and $13 million |
Debt and Deferred Debt Issuance Costs | Debt and Deferred Debt Issuance Costs Deferred debt issuance costs include costs incurred in connection with issuance of debt, including costs associated with the entry into our loan agreements and revolving credit facility, and are presented as a direct reduction from the carrying amount of debt. These debt issuance costs are deferred and amortized to expense on a straight-line basis over the term of the debt, which approximates the effective interest amortization method. This amortization expense is included as a component of interest expense. When debt is paid prior to its scheduled maturity date and the underlying terms are materially modified, the remaining carrying value of deferred debt issuance costs, along with certain other payments to lenders, is included in loss on extinguishment of debt. |
Leases | Lessee Accounting We adopted Accounting Standards Codification (“ASC”) Topic 842, Leases, effective January 1, 2019. We determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for ground leases and our corporate office lease, where the asset is classified within “right of use assets” and the operating lease liability is classified within “other liabilities” in our consolidated balance sheets. We elected the practical expedient to combine our lease and related non-lease components by class of asset and made the election for our ground leases and our corporate office lease. Right of use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right of use assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Our variable lease payments consist of payments based on a rate or index established subsequent to the lease commencement date and non-lease services related to the ground lease, primarily real estate taxes. Variable lease payments are excluded from the right of use assets and operating lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As our leases do not provide an implicit rate, we use our incremental borrowing rate. Our incremental borrowing rate is based on information available at the commencement date using our actual borrowing rates commensurate with the lease terms and a fully levered borrowing. Extension options on our leases are included in our minimum lease terms when they are reasonably certain to be exercised. In our evaluation of the lease term, we consider other arrangements, primarily our debt and franchise agreements, which may have economic consequences related to failure to renew certain ground leases. For accounting purposes, such lease terms are not adjusted unless the contractual terms are modified. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. |
Fair Value Measurements | Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. In evaluating the fair value of both financial and non-financial assets and liabilities, GAAP establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels, which are as follows: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Valuations in this category are inherently less reliable than actively quoted market prices due to the degree of subjectivity involved in determining appropriate methodologies and the applicable underlying observable market assumptions. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. These inputs cannot be validated by readily determinable market data and generally involve considerable judgment by management. We use the highest level of observable market data if such data is available without undue cost and effort. |
Derivative Instruments | Derivative Instruments We use derivative instruments as part of our overall strategy to manage our exposure to market risks associated with fluctuations in interest rates. We regularly monitor the financial stability and credit standing of the counterparties to our derivative instruments. We do not enter into derivative financial instruments for trading or speculative purposes. We record all derivatives at fair value. On the date the derivative contract is entered into, we designate the derivative as one of the following: a hedge of a forecasted transaction or the variability of cash flows to be paid (“Cash Flow Hedge”), a hedge of the fair value of a recognized asset or liability (“Fair Value Hedge”), or an undesignated hedge instrument. Changes in the fair value of a derivative that is qualified, designated and highly effective as a Cash Flow Hedge are recorded in the consolidated statements of comprehensive income (loss) until they are reclassified into earnings when the hedged transaction affects earnings. Changes in the fair value of a derivative that is qualified, designated and highly effective as a Fair Value Hedge, along with the gain or loss on the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Cash flows from designated derivative financial instruments are classified within the same category as the item being hedged in the consolidated statements of cash flows. Changes in fair value of undesignated hedge instruments are recorded in current period earnings. As of December 31, 2019 and 2018 , our only derivative, an interest rate cap, is an undesignated hedge instrument. |
Revenue Recognition | Revenue Recognition We adopted ASC Topic 606, Revenue from Contracts with Customers , effective January 1, 2018, using the modified retrospective transition method. We also adopted ASC Topic 842, Leases, effective January 1, 2019, using the modified retrospective transition method. There was no material impact to revenues or continuing operations in our financial statements due to the change in either of these accounting policies. The information in this section describes our current revenue recognition policies. Our revenues primarily consist of operating lease revenues from room rentals, which are accounted for under GAAP in accordance with lease accounting standards. Room revenue is recognized as earned on a daily basis, net of customer incentive discounts, cash rebates, and refunds. Other lease revenues primarily include lease revenue from restaurants, billboards and cell towers, all of which are operating leases. Such leases are recognized on a straight-line basis over the term of the lease when collections are considered probable and as earned and collected when collections are not considered probable. Uncollectible lease amounts are recorded as a direct offset to revenues. As a lessor, our operating leases do not contain purchase options or require significant assumptions or judgments. Some of our operating leases contain extension options. For those with extension options we assess the likelihood such options will be exercised in determining the lease term. Customer revenues include other hotel guest revenues generated by the incidental support of hotel operations and are recognized under the revenue accounting standard as the service obligation is completed. |
Purchases of Common Stock | Purchase of Common Stock Purchases of common stock are recorded on the trade date at cost, including commissions and other costs, through a removal of the stated par value with the excess recorded as additional paid-in-capital. |
Equity-Based Compensation | Equity-Based Compensation We have a stock-based incentive award plan for our employees and directors, which primarily includes time-based and performance-based awards. We recognize the cost of services received in an equity-based payment transaction with an employee or director as services are received and record either a corresponding increase in equity or a liability, depending on whether the instruments granted satisfy the equity or liability classification criteria. Measurement for these equity awards is the estimated fair value at the grant date of the equity instruments. The equity-based compensation expense is recognized for awards earned or expected to be earned. Accordingly, the compensation expense for all equity awards is recognized straight-line over the vesting period of the last separately identified vesting portion of the award. Forfeitures for time-based and market-based performance awards are recognized as they occur. Performance awards with targets other than market-based are assessed at each balance sheet date with respect to the expected achievement of the target. Equity-based compensation expense is classified in corporate general and administrative expenses. Dividend equivalent cash payments related to unvested employee and director awards are charged to corporate general and administrative expenses. Dividends awarded as additional stock grants are included in equity-based compensation expense. |
Earnings Per Share | Earnings Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of our common stock outstanding plus other potentially dilutive securities, except when the effect would be anti-dilutive. Dilutive securities include equity-based awards issued under long-term incentive plans, as discussed in Note 11 “Equity-Based Compensation.” Dilutive securities are excluded from the calculation of earnings per share for all periods presented because the effect would be anti-dilutive. The earnings per share amounts are calculated using unrounded amounts and shares which may result in differences in rounding of the presented per share amounts. |
Income Taxes | Income Taxes We are organized in conformity with and operate in a manner that allows us to be taxed as a REIT for U.S. federal income tax purposes. To the extent we continue to qualify as a REIT, we generally will not be subject to U.S. federal income tax on taxable income generated by our REIT activities that we distribute to our stockholders. Accordingly, no provision for U.S. federal income tax expense has been included in our consolidated financial statements for the years ended December 31, 2019 or 2018 related to our REIT operations; however, CorePoint TRS, our wholly owned taxable REIT subsidiary, is subject to U.S. federal, state and local income taxes and we may be subject to state and local taxes. We were subject to U.S. federal, state and local taxes prior to the Spin-Off and our REIT election. We use the asset and liability method of accounting for income taxes. Under this method, current income tax expense represents the amounts expected to be reported on our income tax returns, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. In determining our tax expense for financial statement reporting purposes, we must evaluate our compliance with the Code, including the transfer pricing determinations used in establishing rental payments between the REIT and CorePoint TRS. Accounting for income taxes requires, among others, interpretation of the Code, estimated tax effects of transactions, and evaluation of probabilities of sustaining tax positions, including realization of tax benefits. We recognize tax positions only after determining that the relevant tax authority would more likely than not sustain the position following the audit. The final resolution of those assessments may subject us to additional taxes. In addition, we may incur expenses defending our positions during IRS tax examinations, even if we are able to eventually sustain our position with the tax authorities. We are subject to or are contractually responsible for audits by federal and state tax authorities related to prior periods, which may result in additional tax liabilities. We have concluded that the positions reported on our tax returns under audit by the IRS are, based on their technical merits, more-likely-than-not to be sustained upon conclusion of the examination. Accordingly, as of December 31, 2019, we have not established any reserves related to this proposed adjustment or any other issues reflected on the returns under examination. If, however, we are unsuccessful in challenging the IRS, an excise tax would be imposed on the REIT related to the excess rent and we would be responsible for additional income taxes, interest and penalties, which could adversely affect our financial condition, results of operations and cash flow and the trading price of our common stock. Such adjustments could also give rise to additional state income taxes. |
Concentrations of Credit Risk and Business Risk | Concentrations of Credit Risk and Business Risk We have cash and cash equivalents deposited in certain financial institutions in excess of federally insured levels. We utilize financial institutions that we consider to be of high credit quality and consider the risk of default to be minimal. We also monitor the creditworthiness of our customers and financial institutions before extending credit or making investments. Substantially all of our revenues are derived from our lodging operations at our hotels. Lodging operations are particularly sensitive to adverse economic, social and competitive conditions and trends, which could adversely affect our business, financial condition and results of operations. We have a concentration of hotels operating in Texas, Florida and California. The number of hotels, percentages of total hotels and the percentages of our total revenues from these states as of and for the year ended December 31, 2019 is as follows: Number of Hotels Percentage of Total Hotels Percentage of Total Revenue Texas 58 21 % 21 % Florida 45 17 % 16 % California 21 8 % 12 % Total 124 46 % 49 % Our geographic concentration has not significantly changed during the last three years ended December 31, 2019 . |
Segment Reporting | Segment Reporting Our hotel investments have similar economic characteristics and our service offerings and delivery of services are provided in a similar manner, using the same types of facilities and similar technologies. Our chief operating decision maker reviews our financial information on an aggregated basis. As a result, we have concluded that we have one reportable business segment. |
Principal Components of Expenses | Principal Components of Expenses As more fully explained in Note 8 “Commitments and Contingencies – Hotel Management and Franchise Agreements,” our management company is responsible for the day to day operations of our hotels. For many expenses, the manager directly contracts for the services in the capacity as a principal, and we reimburse our manager in accordance with the agreements. We present the following expense components and only classify the fee portion of expense as management and royalty fees. We classify all amounts owed to our manager and franchisor in accounts payable and accrued expenses. Rooms — These expenses include hotel operating expenses of housekeeping, reservation systems (per our franchise agreements), room and breakfast supplies and front desk costs. Other departmental and support — These expenses include expenses that constitute non-room operating expenses, including parking, telecommunications, on-site administrative labor, sales and marketing, loyalty program, recurring repairs and maintenance and utility expenses. Property tax, insurance and other — These expenses consist primarily of real and personal property taxes, other local taxes, ground rent, equipment rent and insurance. |
Newly Issued and Recently Adopted Accounting Standard | Newly Issued Accounting Standards In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ( “ASU”) 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, which modifies disclosure requirements for fair value measurements. While some disclosures have been removed or modified, new disclosures have been added. We adopted this guidance on January 1, 2020, and it did not have a material impact on our consolidated financial position and results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The guidance primarily affects financial assets and net investment in leases that are not accounted for at fair value through net income but excludes operating lease receivables. The guidance is currently expected to primarily apply to our non-lease trade receivables, casualty insurance claim receivables, Wyndham Settlement receivable and any future financial assets that have the contractual right to receive cash that we may acquire in the future. We adopted this guidance on January 1, 2020, and it did not have a material impact on our consolidated financial position and results of operations. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance enhances and simplifies various aspects of the current income tax guidance and reduces complexity by removing certain exceptions to the general framework. The guidance is effective for us January 1, 2021. We do not expect the adoption of this guidance to have a material impact on our consolidated financial position and results of operations. Recently Adopted Accounting Standards In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections. This update clarifies or improves the disclosure and presentation requirements of a variety of codification topics by aligning them with the Securities and Exchange Commission’s (“SEC”) regulations, thereby eliminating redundancies and making the codification easier to apply. We adopted this guidance upon issuance, as required. The adoption of this guidance did not have a material effect on our consolidated financial position and results of operations. Effective January 1, 2019, we adopted ASC Topic 842, Leases, which established new lease accounting standards for lessees and lessors. For lessees, the new standard requires balance sheet recognition of a right of use asset and lease liability for virtually all leases. At adoption, this primarily related to our ground leases. The amount recognized is generally equal to the present value of the lease payments, based on our incremental borrowing rate. In determining our incremental borrowing rate, we considered fully leveraged secured real estate borrowings. For lessors, the new standard requires leases to be classified as operating or sales-type. All of our leases are, and are anticipated to be, operating leases. Operating leases under the new standard are generally accounted for consistently with the prior lease accounting standards. We adopted the new standard using the following practical expedients and policy adoptions: • Modified retrospective transition method, where lease balances as of the adoption date are based on the remaining lease payments as previously accounted for. • Periods prior to the period of adoption are not restated, including disclosures. • The lease classification and direct costs for leases in place as of the date of adoption are not reassessed, including land easements. • Lease term at the date of adoption is based on all known facts as of the adoption date. • For leases where we are the lessor, no separation of a lease into a lease and non-lease component, as provided in the practical expedient. Amounts related to sales taxes collected by us and remitted to the taxing authorities are not included in room revenues or expense. Insurance and real estate taxes where the lessee is directly responsible for the payment to the vendor or taxing authority are also not included in revenue or expense. • For leases where we are the lessee, the short-term lease exception for leases with a remaining term of less than one year. As a lessor, our recognition of lease revenue was substantively consistent with previous guidance and, accordingly, the adoption of the lessor portion of the new standard did not have a material effect on our financial statements. As a lessee, the adoption of the new lease standard resulted in the recognition of right of use assets and lease liabilities, primarily related to our ground leases. As of January 1, 2019, right of use assets and lease liabilities of $27 million and an increase of $1 million to retained earnings were recognized. Effective January 1, 2019, we adopted ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under this standard, most of the guidance on such payments to nonemployees is aligned with the requirements for share-based payments granted to employees. We account for our share-based payments to members of our board of directors in the same manner as share-based payments to our employees. Other than to members of our board of directors, we do not award share-based payments to any nonemployees. The adoption of this guidance did not have a material effect on our consolidated financial position and results of operations. From time to time, new accounting standards are issued by the FASB or other standards-setting bodies, which we adopt as of the specified effective date. Unless otherwise discussed, we believe the impact of recently adopted or recently issued standards that are not yet effective have not or will not have a material impact on our consolidated financial position and results of operations. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Real Estate Properties | The following table sets forth the number of owned and joint venture hotels and approximate number of rooms as of December 31, 2019 , 2018 and 2017 , respectively: 2019 2018 2017 Hotels Rooms Hotels Rooms Hotels Rooms Owned (1) 270 34,800 314 40,200 316 40,400 Joint Venture 1 200 1 200 1 200 Totals 271 35,000 315 40,400 317 40,600 ____________________ (1) As of December 31, 2019 , we had no hotels designated as assets held for sale. As of December 31, 2018 and 2017 , owned hotels includes one and three |
Significant Accounting Polici_3
Significant Accounting Policies and Recently Issued Accounting Standards (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Hotels, by Percentages of Total Hotels and Total Revenues | The number of hotels, percentages of total hotels and the percentages of our total revenues from these states as of and for the year ended December 31, 2019 is as follows: Number of Hotels Percentage of Total Hotels Percentage of Total Revenue Texas 58 21 % 21 % Florida 45 17 % 16 % California 21 8 % 12 % Total 124 46 % 49 % |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | The following table presents other assets as of December 31, 2019 and 2018 (in millions): 2019 2018 Lender and other escrows $ 20 $ 20 Prepaid expenses 10 6 Intangible assets, net 4 5 Federal and state tax receivables — 4 Assets held for sale — 3 Other assets, primarily hotel supplies 9 16 Total other assets $ 43 $ 54 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | The following table presents the carrying amount of our debt as of December 31, 2019 and 2018 (in millions): 2019 2018 Interest Rate (1) Maturity Date CMBS Facility $ 921 $ 1,035 One-month LIBOR + 2.75% 2020 (2) Revolving Facility — — One-month LIBOR + 4.50% 2020 (3) 921 1,035 Less deferred debt issuance costs (6 ) (21 ) Total debt, net $ 915 $ 1,014 ____________________ (1) London Interbank Offering Rate (“LIBOR”) at December 31, 2019 and 2018 was 1.76% and 2.52% respectively. The interest rate margins were unchanged in 2019 and 2018. (2) After maturity in June 2020, includes five one-year extension options at our option, provided there is no event of default existing as of the commencement of the applicable extension period and the CorePoint CMBS Borrower either extends the current interest rate cap or purchases a new interest rate cap covering the extension period at a strike price as set forth in the CMBS Loan Agreement. (3) |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Expenses And Other Liabilities Table [Text Block] | Accounts payable and accrued expenses and other liabilities include the following as of December 31, 2019 and 2018 (in millions): 2019 2018 Due to hotel manager $ 26 $ 44 Real estate taxes 22 23 Sales and occupancy taxes 7 8 Interest 2 3 Other accounts payable and accrued expenses 25 21 Total accounts payable and accrued expenses $ 82 $ 99 Operating lease liabilities $ 25 $ — Below market leases, net 5 6 Property insurance financing 2 — Other liabilities 11 5 Total other liabilities $ 43 $ 11 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Lease Liability | After the adoption of new accounting guidance related to leasing, the contractual payments of our operating lease liabilities on an undiscounted basis in effect as of December 31, 2019 , are as follows (in millions): Year Amount 2020 $ 3 2021 3 2022 3 2023 3 2024 3 Thereafter 60 Total $ 75 |
Schedule of Future Minimum Rental Payments for Operating Leases | Prior to adoption of new accounting guidance related to leasing, future minimum base rental payments payable by us under these non-cancelable operating leases in effect as of December 31, 2018, were as follows (in millions): Year Amount 2019 $ 3 2020 3 2021 3 2022 2 2023 2 Thereafter 98 Total $ 111 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenues [Abstract] | |
Schedule of Revenue Components | Revenues for the years ended December 31, 2019 , 2018 and 2017 are comprised of the following components (in millions): For the Year Ended December 31, 2019 2018 2017 Operating lease revenues: Rooms $ 795 $ 845 $ 820 Other 6 4 4 Total lease revenues 801 849 824 Customer revenues 11 13 12 Total revenues $ 812 $ 862 $ 836 |
Schedule of Rental Income | As of December 31, 2019 , future minimum rental income to be received under non-cancelable operating leases, in excess of one-year, is as follows (in millions): Year ending December 31, Operating 2020 $ 3 2021 2 2022 1 2023 1 2024 1 Thereafter 2 $ 10 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Activity of RSAs and RSUs | The following table summarizes the activity of our RSAs, RSUs and PSUs during December 31, 2019 and 2018 which represent our equity-based compensation activity inclusive of and post completion of our Spin-Off: RSAs PSUs RSUs Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Outstanding at January 1, 2018 512,117 $ 11.02 — $ — 47,898 $ 5.57 Granted 722,881 27.22 — — 242 17.80 Conversion of the performance units upon completion of the Spin-Off 423,510 27.92 — — — — Vested (769,044 ) 24.54 — — (12,249 ) 6.18 Forfeited (5,396 ) 27.03 — — (21,267 ) 5.22 Outstanding at January 1, 2019 884,068 20.50 — — 14,624 5.77 Granted 453,451 11.02 447,527 6.99 689 11.97 Vested (616,912 ) 14.32 — — (10,241 ) 6.05 Forfeited (66,817 ) 15.20 (78,558 ) 6.99 — — Outstanding at December 31, 2019 653,790 $ 20.30 368,969 $ 6.99 5,072 $ 6.05 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | For financial reporting purposes, the consolidated income tax expense is based on consolidated income or loss before income taxes. The components of our income tax expense (benefit) from continuing operations for the years ended December 31, 2019 , 2018 and 2017 are as follows (in millions): For the Year Ended December 31, 2019 2018 2017 Current expense: Federal $ 3 $ 181 $ 3 State 2 46 3 Total current expense 5 227 6 Deferred benefit: Federal (1 ) (168 ) (115 ) State — (38 ) — Total deferred benefit (1 ) (206 ) (115 ) Income tax expense (benefit) $ 4 $ 21 $ (109 ) |
Schedule of Deferred Tax Assets and Liabilities | The significant components of our deferred tax assets and liabilities as of December 31, 2019 and 2018 are as follows (in millions): 2019 2018 Deferred Tax Assets Insurance loss claim accruals $ 3 $ 1 Allowance for doubtful accounts 1 — Total deferred tax assets 4 1 Deferred Tax Liabilities Real estate, net (7 ) (4 ) Linens, uniforms and supplies (2 ) (4 ) Prepaid expenses (1 ) — Deferred tax liabilities (10 ) (8 ) Net deferred tax liabilities $ (6 ) $ (7 ) |
Schedule of Effective Income Tax Rate Reconciliation | Our income tax expense (benefit) differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following items for the years ended December 31, 2019 , 2018 and 2017 (in millions): For the Year Ended December 31, 2019 2018 2017 Statutory U.S. federal income tax provision (benefit) $ (44 ) $ (45 ) $ 15 State income tax, net of U.S. federal tax benefit 1 2 3 REIT operations not subject to tax 47 43 — Impact of Spin-Off — 15 — Write-off of tax net operating loss carryforwards — 5 — Nondeductible restructuring costs — 7 5 Tax credits — — (1 ) Effects of the Tax Cuts and Jobs Acts — 1 (128 ) Change in valuation allowance — (5 ) (4 ) Other — (2 ) 1 Income tax expense (benefit) $ 4 $ 21 $ (109 ) |
Schedule of Unrecognized Tax Benefits Roll Forward |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Hotel Franchise and Hotel Management Business Presented as Discontinued Operations | We had no discontinued operations for the year ended December 31, 2019. In accordance with GAAP, the results of operations related to our former hotel franchise and hotel management business are reported as discontinued operations for the years ended December 31, 2018 and 2017 and are summarized in the table below (in millions): For the Year Ended December 31, 2018 2017 Franchise, Management and Other Fee Based Revenue $ 58 $ 145 Operating Expenses: Corporate, general, administrative and marketing 64 108 Depreciation and amortization 4 8 Total Operating Expenses 68 116 Operating Income (Loss) (10 ) 29 Other Expenses: Interest expense (15 ) (34 ) Loss on extinguishment of debt (7 ) 1 Total Other Expenses (22 ) (33 ) Loss Before Income Taxes (32 ) (4 ) Income tax benefit, primarily current 7 3 Loss from Discontinued Operations, net of tax $ (25 ) $ (1 ) |
Summary of Selected Financial Information of LQH Parent Included in Condensed Consolidated Statements of Cash Flows | As such, the following table presents selected financial information of the former hotel franchise and hotel management business included in the consolidated statements of cash flows (in millions): For the Year Ended December 31, 2018 2017 Non-cash items included in net income (loss): Depreciation and amortization $ 4 $ 8 Amortization of deferred costs $ 1 $ 3 Loss on extinguishment of debt $ 7 $ — Equity based compensation expense $ 4 $ 9 Investing activities: Capital expenditures $ 11 $ 22 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The following table summarizes the assets which were measured at fair value and impaired during 2019 and 2018 (in millions): Basis of Fair Value Measurements Fair Value of Assets at Impairment Quoted Prices in Active Market for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (1) Total For the year ended December 31, 2019 Real estate $ 299 $ — $ 31 $ 268 $ 138 Right of use assets $ 22 $ — $ — $ 22 $ 3 For the year ended December 31, 2018 Real estate $ 161 $ — $ — $ 161 $ 154 ____________________ (1) The Level 3 unobservable inputs consist of internally developed cash flow models and fair value estimates that included projections of revenues, expenses and capital expenditures and market valuations based on multiples of revenue generally ranging from 2.0 x to 3.0 x for 2019 and from 1.3 x to 2.8 x for 2018. These assumptions were based on trends and comparable transactions in the lodging industry; our historical data and experience; our budgets, including those prepared by our third-party hotel manager; lodging industry valuation trends; and micro- and macro-economic trends and projections. Our estimated fair values also considered factors related to our franchise and management agreements, requirements to meet certain brand standards and other potential costs to be incurred during our projected holding period. |
Fair Value, by Balance Sheet Grouping | For those financial instruments not carried at fair value, the carrying amount and estimated fair values of our financial assets and liabilities were as follows as of December 31, 2019 and 2018 (in millions): December 31, 2019 December 31, 2018 Carrying Fair Value Carrying Fair Debt - CMBS Facility (1)(2) $ 921 $ 921 $ 1,035 $ 1,035 Mandatorily redeemable preferred shares (1) $ 15 $ 15 $ 15 $ 15 ____________________ (1) Classified as Level 3 under the fair value hierarchy. (2) Carrying amount excludes deferred debt issuance costs of $6 million and $21 million as of December 31, 2019 and 2018 , respectively. |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Supplemental Cash Flow Information | The following table presents the supplemental cash flow information for the years ended December 31, 2019 , 2018 and 2017 (in millions): For the Year Ended December 31, 2019 2018 2017 Supplemental cash flow information: Interest paid during the period $ 52 $ 81 $ 77 Income taxes paid during the period, net of refunds $ 1 $ 7 $ 22 Non-cash investing and financing activities: Capital expenditures included in accounts payable $ 1 $ 9 $ 14 Cash flow hedge adjustment, net of tax $ — $ 1 $ 5 Casualty receivable related to real estate $ 7 $ 10 $ 23 Dividends payable on common stock $ 11 $ 12 $ — Recognition of right of use operating lease assets and operating lease liabilities $ 28 $ — $ — Financing of property insurance prepaids $ 14 $ — $ — |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2019 and 2018 (in millions, except per share data): 2019 Quarters Ended March 31 June 30 September 30 December 31 Total Revenues $ 208 $ 219 $ 215 $ 170 Operating loss $ (6 ) $ (5 ) $ — $ (161 ) Net loss $ (27 ) $ (19 ) $ (12 ) $ (154 ) Basic loss per share $ (0.47 ) $ (0.32 ) $ (0.22 ) $ (2.73 ) Diluted loss per share $ (0.47 ) $ (0.32 ) $ (0.22 ) $ (2.73 ) Common stock dividend declared per share $ 0.20 $ 0.20 $ 0.20 $ 0.20 2018 Quarters Ended March 31 June 30 September 30 December 31 Total Revenues $ 196 $ 233 $ 234 $ 199 Operating income (loss) $ 2 $ (2 ) $ 7 $ (164 ) Loss from Continuing Operations, net of tax (10 ) (28 ) (13 ) (186 ) Loss from Discontinued Operations, net of tax (5 ) (20 ) — — Net loss $ (15 ) $ (48 ) $ (13 ) $ (186 ) Basic loss per share: Continuing operations $ (0.17 ) $ (0.48 ) $ (0.22 ) $ (3.17 ) Discontinued operations (0.09 ) (0.34 ) — — Basic loss per share $ (0.26 ) $ (0.82 ) $ (0.22 ) $ (3.17 ) Diluted loss per share: Continuing operations $ (0.17 ) $ (0.48 ) $ (0.22 ) $ (3.17 ) Discontinued operations (0.09 ) (0.34 ) — — Diluted loss per share $ (0.26 ) $ (0.82 ) $ (0.22 ) $ (3.17 ) Common stock dividend declared per share $ — $ — $ 0.267 $ 0.20 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Summary of Number of Owned and Joint Venture Hotels (Details) | 12 Months Ended | ||
Dec. 31, 2019RoomHotel | Dec. 31, 2018RoomHotel | Dec. 31, 2017RoomHotel | |
Real Estate Properties [Line Items] | |||
Number of hotels | 271 | 315 | 317 |
Number of hotel rooms | Room | 35,000 | 40,400 | 40,600 |
Number of hotels held for sale | 0 | 1 | 3 |
Owned | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 270 | 314 | 316 |
Number of hotel rooms | Room | 34,800 | 40,200 | 40,400 |
Joint Venture | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 1 | 1 | 1 |
Number of hotel rooms | Room | 200 | 200 | 200 |
Significant Accounting Polici_4
Significant Accounting Policies and Recently Issued Accounting Standards - Additional Details (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Insurance settlements | $ 12,000,000 | $ 13,000,000 | ||
Notes receivable | 33,000,000 | 33,000,000 | ||
Provision for income tax | $ 4,000,000 | 21,000,000 | $ (109,000,000) | |
Reportable business segments | Segment | 1 | |||
Right of use assets | $ 21,000,000 | $ 0 | ||
Operating lease liabilities | $ 25,000,000 | |||
ASC Topic 842 | ||||
Property, Plant and Equipment [Line Items] | ||||
Right of use assets | $ 27,000,000 | |||
Operating lease liabilities | 27,000,000 | |||
Retained Earnings | ASC Topic 842 | ||||
Property, Plant and Equipment [Line Items] | ||||
Cumulative effect of new accounting principle | $ 1,000,000 | |||
Minimum | Building and improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 5 years | |||
Minimum | Furniture Fixtures Machinery and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 2 years | |||
Minimum | Leasehold Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 1 year | |||
Maximum | Building and improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 40 years | |||
Maximum | Furniture Fixtures Machinery and Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 10 years | |||
Maximum | Leasehold Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 25 years | |||
Receivable Related to Wyndham Settlement | ||||
Property, Plant and Equipment [Line Items] | ||||
Notes receivable | $ 9,000,000 | |||
Real Estate Investment Trusts | ||||
Property, Plant and Equipment [Line Items] | ||||
Provision for income tax | $ 0 | $ 0 |
Significant Accounting Polici_5
Significant Accounting Policies and Recently Issued Accounting Standards - Summary Of The Number of Hotels, Percentages of Total Hotels And Total Revenues, Excluding Revenue from Discontinued Operations (Details) | 12 Months Ended |
Dec. 31, 2019Hotel | |
Concentration Risk [Line Items] | |
Number of Hotels | 124 |
Percentage of Total Hotels | 46.00% |
Percentage of Total Revenue | 49.00% |
Texas | |
Concentration Risk [Line Items] | |
Number of Hotels | 58 |
Percentage of Total Hotels | 21.00% |
Percentage of Total Revenue | 21.00% |
Florida | |
Concentration Risk [Line Items] | |
Number of Hotels | 45 |
Percentage of Total Hotels | 17.00% |
Percentage of Total Revenue | 16.00% |
California | |
Concentration Risk [Line Items] | |
Number of Hotels | 21 |
Percentage of Total Hotels | 8.00% |
Percentage of Total Revenue | 12.00% |
Investments In Real Estate - Ad
Investments In Real Estate - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)Hotel | Dec. 31, 2018USD ($)Hotel | Dec. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | |||
Hotels classified as investment in real estate sold | Hotel | 42 | 2 | |
Gross proceeds from sales of hotels | $ 173 | $ 7 | |
Gain (loss) on sales of hotels | 32 | 0 | |
Impairment loss | 141 | 154 | $ 1 |
Write-off, investments in real estate | 7 | 10 | |
Business interruption insurance proceeds | $ 11 | $ 12 | $ 1 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) $ in Millions | Dec. 31, 2019USD ($)Hotel | Dec. 31, 2018USD ($)Hotel |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Lender and other escrows | $ 20 | $ 20 |
Prepaid expenses | 10 | 6 |
Intangible assets, net | 4 | 5 |
Federal and state tax receivables | 0 | 4 |
Assets held for sale | 0 | 3 |
Other assets, primarily hotel supplies | 9 | 16 |
Total other assets | $ 43 | $ 54 |
Assets held for sale | Hotel | 0 | 1 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt Instruments (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)Extension | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 921 | $ 1,035 |
Less deferred debt issuance costs | (6) | (21) |
Debt, net | 915 | 1,014 |
Core Point C M B S Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 921 | 1,035 |
Less deferred debt issuance costs | $ (6) | (21) |
Debt instrument number of extension options | Extension | 5 | |
Debt instrument each extension option period | 1 year | |
Secured Debt | Core Point C M B S Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 921 | 1,035 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility extended expiration period | 1 year | |
Revolving Credit Facility | Term Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | $ 0 |
London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
LIBOR rate | 1.76% | 2.52% |
London Interbank Offered Rate (LIBOR) | Secured Debt | Core Point C M B S Facility | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.75% | |
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Term Facility | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.50% |
Debt - Additional Details (Deta
Debt - Additional Details (Details) | May 30, 2018USD ($)ExtensionHotel | Dec. 31, 2019USD ($)ExtensionHotel | Dec. 31, 2018USD ($)Hotel | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | ||||
Number of hotels classified as investments in real estate sold | Hotel | 42 | 2 | ||
Loss on extinguishment of debt | $ 0 | $ 10,000,000 | $ 0 | |
Line of credit facility, amount outstanding | $ 0 | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility extended expiration period | 1 year | |||
Line of credit facility, unused capacity, commitment fee percentage | 0.50% | |||
Minimum | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, unused capacity, commitment fee percentage | 10.00% | |||
Core Point Revolver Borrower | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 4.50% | |||
Core Point Revolver Borrower | Base Rate | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.50% | |||
Core Point C M B S Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument number of extension options | Extension | 5 | |||
Debt instrument each extension option period | 1 year | |||
Debt instrument debt yield percentage under condition1 | 16.44% | |||
Debt instrument debt yield percentage under condition2 | 16.94% | |||
Net proceeds from sale of assets for repayment of debt | $ 114,000,000 | |||
Debt instrument upfront reserve deposited for lender | $ 15,000,000 | |||
Core Point C M B S Facility | First Five Years Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.75% | |||
Core Point C M B S Facility | Sixth Year Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.90% | |||
Core Point C M B S Facility | Seventh Year Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 3.00% | |||
Core Point C M B S Facility | Maximum | First Five Years Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument yield percentage | 12.33% | |||
Core Point C M B S Facility | Maximum | Seventh Year Term Loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument yield percentage | 12.83% | |||
Core Point C M B S Facility | London Interbank Offered Rate (LIBOR) | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.75% | |||
Core Point C M B S Borrower | Core Point C M B S Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument debt premium percentage minimum | 5.00% | |||
Debt instrument debt premium percentage maximum | 10.00% | |||
Core Point C M B S Borrower | Commercial Mortgage Backed Securities | Core Point C M B S Facility | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 1,035,000,000 | |||
Number of owned and ground leased hotels for which excess cash flow pledge is made | Hotel | 7 | |||
Debt instrument number of extension options | Extension | 5 | |||
Debt instrument each extension option period | 1 year | |||
Core Point Borrower L L C | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 150,000,000 | $ 150,000,000 | ||
Line of credit facility, remaining borrowing capacity | $ 100,000,000 | |||
Line of credit facility extended expiration period | 1 year |
Mandatorily Redeemable Prefer_2
Mandatorily Redeemable Preferred Stock (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Proceeds from issuance of redeemable preferred stock | $ 0 | $ 15,000,000 | $ 0 |
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, liquidation preference, value | $ 15,000,000 | ||
Payment of cash dividend on preferred stock percentage per annum | 13.00% | ||
Preferred stock leverage ratio increase percentage | 750.00% | ||
Preferred stock leverage ratio decrease percentage | 100.00% | ||
Percentage of preferred stock cash dividend required to pay if event of default occurs | 15.00% | ||
Percentage of preferred stock leverage ratio increase if an event of default occurs | 16.50% | ||
Wholly Owned Subsidiary Of La Quinta Holdings Parent | Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Stock issued during period, shares, new issues | 15,000 | ||
Preferred stock, par or stated value per share | $ 0.01 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Due to hotel manager | $ 26 | $ 44 |
Real estate taxes | 22 | 23 |
Sales and occupancy taxes | 7 | 8 |
Interest | 2 | 3 |
Other accounts payable and accrued expenses | 25 | 21 |
Total accounts payable and accrued expenses | 82 | 99 |
Operating lease liabilities | 25 | |
Below market leases, net | 5 | 6 |
Property insurance financing | 2 | 0 |
Other liabilities | 11 | 5 |
Total other liabilities | $ 43 | $ 11 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Details (Details) | Oct. 18, 2019USD ($) | May 30, 2018Renewal_Options | Nov. 30, 2019USD ($) | Dec. 31, 2018USD ($)renewal_option | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)renewal_option | Dec. 31, 2017USD ($) | Dec. 31, 2013USD ($) |
Loss Contingencies [Line Items] | ||||||||
Management fee expense | $ 26,000,000 | $ 40,000,000 | ||||||
Litigation settlement | $ 20,000,000 | |||||||
Wyndham settlement | $ 17,000,000 | |||||||
Royalty expense | 40,000,000 | $ 26,000,000 | ||||||
Escrow deposit | 20,000,000 | 20,000,000 | 20,000,000 | |||||
Purchase commitment, remaining minimum amount committed | $ 29,000,000 | |||||||
Initial base terms for the leases | 25 years | |||||||
Operating leases, future minimum payments due | $ 111,000,000 | 111,000,000 | ||||||
Operating lease, liability | $ 25,000,000 | |||||||
Rent expense | 5,000,000 | |||||||
Operating leases, rent expense, net | 5,000,000 | $ 5,000,000 | ||||||
Operating lease contingent rent expense | 1,000,000 | |||||||
Operating lease contingent rent expense | 1,000,000 | $ 1,000,000 | ||||||
Severance costs | $ 7,000,000 | $ 0 | ||||||
La Quinta Management L L C | ||||||||
Loss Contingencies [Line Items] | ||||||||
Management and royalty fees (percentage) | 5.00% | |||||||
Management agreement term for managing hotel | 20 years | |||||||
Number of hotel management agreement renewal options available | Renewal_Options | 2 | |||||||
Hotel management agreements renewal period | 5 years | |||||||
La Quinta Franchising L L C | ||||||||
Loss Contingencies [Line Items] | ||||||||
Royalty fee (percentage) | 5.00% | |||||||
Number of franchise renewal options available | renewal_option | 1 | 1 | ||||||
Franchise agreements renewal period | 10 years | |||||||
Reservation fee (percentage) | 2.00% | |||||||
Marketing fee (percentage) | 2.50% | |||||||
Loyalty program fee (percentage) | 5.00% | |||||||
Hotels eligible for capital expenditure (percentage) | 62.00% | |||||||
Escrow deposit | $ 15,000,000 | |||||||
La Quinta Franchising L L C | Minimum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Range of capital expenditure per hotel room | $ 1,500 | |||||||
Period to meet brand standards set forth by franchisor by incurring certain capital expenditures per hotel room | 2 years | |||||||
Time period within capital expenditure requirements needs to be complied | 2 years | |||||||
La Quinta Franchising L L C | Maximum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Range of capital expenditure per hotel room | $ 7,500 | |||||||
Period to meet brand standards set forth by franchisor by incurring certain capital expenditures per hotel room | 11 years | |||||||
Time period within capital expenditure requirements needs to be complied | 9 years | |||||||
Internal Revenue Service (IRS) | ||||||||
Loss Contingencies [Line Items] | ||||||||
IRS proposed adjustment in draft notice | $ 138,000,000 | |||||||
Operating loss carryforward adjustment | $ 31,000,000 | |||||||
Accounts Payable and Accrued Liabilities | ||||||||
Loss Contingencies [Line Items] | ||||||||
Operating lease, liability | $ 25,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Rental Payments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Post Adoption | ||
2020 | $ 3 | |
2021 | 3 | |
2022 | 3 | |
2023 | 3 | |
2024 | 3 | |
Thereafter | 60 | |
Total | $ 75 | |
Pre Adoption | ||
2019 | $ 3 | |
2020 | 3 | |
2021 | 3 | |
2022 | 2 | |
2023 | 2 | |
Thereafter | 98 | |
Total | $ 111 |
Equity Additional Information (
Equity Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 21, 2019 | May 30, 2018 | |
Class of Stock [Line Items] | ||||
Authorized amount, share repurchase program | $ 50,000,000 | |||
Shares acquired (in shares) | 2.6 | |||
Weighted average cost per share (in usd per share) | $ 11.34 | |||
Common stock held by shareholder (in usd per share) | $ 0.01 | $ 0.01 | ||
Cumulative effect of a change in accounting principle | $ 18,000,000 | $ 752,000,000 | ||
La Quinta Holdings Inc | ||||
Class of Stock [Line Items] | ||||
Common stock held by shareholder (in usd per share) | $ 0.01 | |||
Common stock reclassification, par or stated value (in usd per share) | 0.02 | |||
Common stock converted into right to receive (in usd per share) | $ 16.80 |
Revenue - Schedule of Revenue C
Revenue - Schedule of Revenue Components (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue [Line Items] | |||||||||||
Total Revenues | $ 170 | $ 215 | $ 219 | $ 208 | $ 199 | $ 234 | $ 233 | $ 196 | $ 812 | $ 862 | $ 836 |
Rooms | |||||||||||
Revenue [Line Items] | |||||||||||
Total Revenues | 795 | 845 | 820 | ||||||||
Other | |||||||||||
Revenue [Line Items] | |||||||||||
Total Revenues | 6 | 4 | 4 | ||||||||
Total lease revenues | |||||||||||
Revenue [Line Items] | |||||||||||
Total Revenues | 801 | 849 | 824 | ||||||||
Customer revenues | |||||||||||
Revenue [Line Items] | |||||||||||
Total Revenues | $ 11 | $ 13 | $ 12 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues [Abstract] | |||
Variable lease revenue | $ 1 | $ 1 | $ 1 |
Revenue - Future Minimum Rental
Revenue - Future Minimum Rental Income to be Received (Details) $ in Millions | Dec. 31, 2019USD ($) |
Revenues [Abstract] | |
2020 | $ 3 |
2021 | 2 |
2022 | 1 |
2023 | 1 |
2024 | 1 |
Thereafter | 2 |
Future rental income receivable | $ 10 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
RSAs | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
RSAs | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
PSUs | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
PSUs | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Omnibus Incentive Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Omnibus Incentive Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Common Stock | Omnibus Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | 8,000,000 | |||
Shares issued (in shares) | 6,000,000 | |||
Continuing Operations | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense recognized | $ 11 | $ 7 | $ 7 | $ 7 |
Discontinued Operations | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense recognized | $ 4 | $ 9 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Activity of RSAs, RSUs and PSUs (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
RSAs | ||
Number of Shares | ||
Beginning balance (in shares) | 884,068 | 512,117 |
Granted (in shares) | 453,451 | 722,881 |
Conversion of the performance units upon completion of the Spin-Off (in shares) | 423,510 | |
Vested (in shares) | (616,912) | (769,044) |
Forfeited (in shares) | (66,817) | (5,396) |
Ending balance (in shares) | 653,790 | 884,068 |
Weighted-Average Grant Date Fair Value | ||
Beginning balance (in usd per share) | $ 20.50 | $ 11.02 |
Granted (in usd per share) | 11.02 | 27.22 |
Conversion of the performance units upon completion of the Spin-Off (in usd per share) | 27.92 | |
Vested (in usd per share) | 14.32 | 24.54 |
Forfeited (in usd per share) | 15.20 | 27.03 |
Ending balance (in usd per share) | $ 20.30 | $ 20.50 |
PSUs | ||
Number of Shares | ||
Beginning balance (in shares) | 0 | 0 |
Granted (in shares) | 447,527 | 0 |
Conversion of the performance units upon completion of the Spin-Off (in shares) | 0 | |
Vested (in shares) | 0 | 0 |
Forfeited (in shares) | (78,558) | 0 |
Ending balance (in shares) | 368,969 | 0 |
Weighted-Average Grant Date Fair Value | ||
Beginning balance (in usd per share) | $ 0 | $ 0 |
Granted (in usd per share) | 6.99 | 0 |
Conversion of the performance units upon completion of the Spin-Off (in usd per share) | 0 | |
Vested (in usd per share) | 0 | 0 |
Forfeited (in usd per share) | 6.99 | 0 |
Ending balance (in usd per share) | $ 6.99 | $ 0 |
RSUs | ||
Number of Shares | ||
Beginning balance (in shares) | 14,624 | 47,898 |
Granted (in shares) | 689 | 242 |
Conversion of the performance units upon completion of the Spin-Off (in shares) | 0 | |
Vested (in shares) | (10,241) | (12,249) |
Forfeited (in shares) | 0 | (21,267) |
Ending balance (in shares) | 5,072 | 14,624 |
Weighted-Average Grant Date Fair Value | ||
Beginning balance (in usd per share) | $ 5.77 | $ 5.57 |
Granted (in usd per share) | 11.97 | 17.80 |
Conversion of the performance units upon completion of the Spin-Off (in usd per share) | 0 | |
Vested (in usd per share) | 6.05 | 6.18 |
Forfeited (in usd per share) | 0 | 5.22 |
Ending balance (in usd per share) | $ 6.05 | $ 5.77 |
Income Taxes - Additional Detai
Income Taxes - Additional Details (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Taxable income not distributed for any year elected as r e i t status that subject to income tax on undistributed taxable income (percentage) | 100.00% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current expense: | |||
Federal | $ 3 | $ 181 | $ 3 |
State | 2 | 46 | 3 |
Total current expense | 5 | 227 | 6 |
Deferred benefit: | |||
Federal | (1) | (168) | (115) |
State | 0 | (38) | 0 |
Total deferred benefit | (1) | (206) | (115) |
Income tax expense (benefit) | $ 4 | $ 21 | $ (109) |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets | ||
Insurance loss claim accruals | $ 3 | $ 1 |
Allowance for doubtful accounts | 1 | 0 |
Total deferred tax assets | 4 | 1 |
Deferred Tax Liabilities | ||
Real estate, net | (7) | (4) |
Linens, uniforms and supplies | (2) | (4) |
Prepaid expenses | (1) | 0 |
Deferred tax liabilities | (10) | (8) |
Net deferred tax liabilities | $ (6) | $ (7) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate (Detail) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal income tax provision (benefit) | $ (44) | $ (45) | $ 15 |
State income tax, net of U.S. federal tax benefit | 1 | 2 | 3 |
REIT operations not subject to tax | 47 | 43 | 0 |
Impact of Spin-Off | 0 | 15 | 0 |
Write-off of tax net operating loss carryforwards | 0 | 5 | 0 |
Nondeductible restructuring costs | 0 | 7 | 5 |
Tax credits | 0 | 0 | (1) |
Effects of the Tax Cuts and Jobs Acts | 0 | 1 | (128) |
Change in valuation allowance | 0 | (5) | (4) |
Other | 0 | (2) | 1 |
Income tax expense (benefit) | $ 4 | $ 21 | $ (109) |
Discontinued Operations - Summa
Discontinued Operations - Summary of Hotel Franchise and Hotel Management Business Presented as Discontinued Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Expenses: | |||||||
Loss on extinguishment of debt | $ 0 | $ (10,000,000) | $ 0 | ||||
Loss from discontinued operations, net of tax | $ 0 | $ 0 | $ (20,000,000) | $ (5,000,000) | $ 0 | (25,000,000) | (1,000,000) |
Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Franchise, Management and Other Fee Based Revenue | 58,000,000 | 145,000,000 | |||||
Operating Expenses: | |||||||
Corporate, general, administrative and marketing | 64,000,000 | 108,000,000 | |||||
Depreciation and amortization | 4,000,000 | 8,000,000 | |||||
Total Operating Expenses | 68,000,000 | 116,000,000 | |||||
Operating Income (Loss) | (10,000,000) | 29,000,000 | |||||
Other Expenses: | |||||||
Interest expense | (15,000,000) | (34,000,000) | |||||
Loss on extinguishment of debt | (7,000,000) | 1,000,000 | |||||
Total Other Expenses | (22,000,000) | (33,000,000) | |||||
Loss Before Income Taxes | (32,000,000) | (4,000,000) | |||||
Income tax benefit, primarily current | 7,000,000 | 3,000,000 | |||||
Loss from discontinued operations, net of tax | $ (25,000,000) | $ (1,000,000) |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Selected Financial Information of LQH Parent Included in Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non-cash items included in net income (loss): | |||
Depreciation and amortization | $ 181 | $ 160 | $ 148 |
Loss on extinguishment of debt | 0 | (17) | 0 |
Equity based compensation expense | $ 11 | 11 | 16 |
La Quinta Holdings | Discontinued Operations | |||
Non-cash items included in net income (loss): | |||
Depreciation and amortization | 4 | 8 | |
Amortization of deferred costs | 1 | 3 | |
Loss on extinguishment of debt | 7 | 0 | |
Equity based compensation expense | 4 | 9 | |
Investing activities: | |||
Capital expenditures | $ 11 | $ 22 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Details (Details) - Interest Rate Cap - Significant Other Observable Inputs (Level 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | $ 0 | $ 0.2 |
Interest expense relate to change in fair value | $ 0.2 | $ 1 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Real Estate and Assets Held for Sale and Impairment Charges of Financial Assets and Liabilities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | $ 138 | $ 154 |
Real estate | Quoted Prices in Active Market for Identical Items (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | 0 | 0 |
Real estate | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | 31 | 0 |
Real estate | Significant Unobservable Inputs (Level 3) (1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | 268 | 161 |
Real estate | Fair Value of Assets at Impairment | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | 299 | $ 161 |
Right of use assets | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | 3 | |
Right of use assets | Quoted Prices in Active Market for Identical Items (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | 0 | |
Right of use assets | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | 0 | |
Right of use assets | Significant Unobservable Inputs (Level 3) (1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | 22 | |
Right of use assets | Fair Value of Assets at Impairment | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets fair value | $ 22 | |
Valuation Technique, Discounted Cash Flow | Measurement Input, Revenue Multiple | Minimum | Significant Unobservable Inputs (Level 3) (1) | Hotels Encumbered With Ground Lease | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real estate investment, measurement input | 2 | 1.3 |
Valuation Technique, Discounted Cash Flow | Measurement Input, Revenue Multiple | Maximum | Significant Unobservable Inputs (Level 3) (1) | Hotels Encumbered With Ground Lease | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real estate investment, measurement input | 3 | 2.8 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, gross | $ 921 | $ 1,035 |
Debt issuance costs, net | 6 | 21 |
Core Point C M B S Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 921 | 1,035 |
Long-term debt, gross | 921 | 1,035 |
Debt issuance costs, net | 6 | 21 |
Mandatorily Redeemable Preferred Stock | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, fair value | 15 | 15 |
Long-term debt, gross | $ 15 | $ 15 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Interest paid during the period | $ 52,000 | $ 81,000 | $ 77,000 |
CMBS Credit Facility | Blackstone | |||
Related Party Transaction [Line Items] | |||
Credit facility outstanding balance | 88,000 | 99,000 | |
Interest paid during the period | $ 6,000 | ||
Blackstone | |||
Related Party Transaction [Line Items] | |||
Ownership percentage, noncontrolling interest | 30.00% | ||
Previously Managed Hotel | |||
Related Party Transaction [Line Items] | |||
Purchases from related party | $ 1,000 | $ 3,000 | |
Glenn Alba | |||
Related Party Transaction [Line Items] | |||
Monthly consulting fees, related parties | $ 8 |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest paid during the period | $ 52 | $ 81 | $ 77 |
Income taxes paid during the period, net of refunds | 1 | 7 | 22 |
Non-cash investing and financing activities: | |||
Capital expenditures included in accounts payable | 1 | 9 | 14 |
Cash flow hedge adjustment, net of tax | 0 | 1 | 5 |
Casualty receivable related to real estate | 7 | 10 | 23 |
Dividends payable on common stock | 11 | 12 | 0 |
Recognition of right of use operating lease assets and operating lease liabilities | 28 | 0 | 0 |
Financing of property insurance prepaids | $ 14 | $ 0 | $ 0 |
Quarterly Results (unaudited)_2
Quarterly Results (unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total Revenues | $ 170,000,000 | $ 215,000,000 | $ 219,000,000 | $ 208,000,000 | $ 199,000,000 | $ 234,000,000 | $ 233,000,000 | $ 196,000,000 | $ 812,000,000 | $ 862,000,000 | $ 836,000,000 |
Operating loss | (161,000,000) | 0 | (5,000,000) | (6,000,000) | (164,000,000) | 7,000,000 | (2,000,000) | 2,000,000 | (172,000,000) | (157,000,000) | 92,000,000 |
Loss from Continuing Operations, net of tax | (186,000,000) | (13,000,000) | (28,000,000) | (10,000,000) | (212,000,000) | (237,000,000) | 153,000,000 | ||||
Loss from Discontinued Operations, net of tax | 0 | 0 | (20,000,000) | (5,000,000) | 0 | (25,000,000) | (1,000,000) | ||||
Net income (loss) | $ (154,000,000) | $ (12,000,000) | $ (19,000,000) | $ (27,000,000) | $ (186,000,000) | $ (13,000,000) | $ (48,000,000) | $ (15,000,000) | $ (212,000,000) | $ (262,000,000) | $ 152,000,000 |
Continuing operations (in usd per share) | $ (3.17) | $ (0.22) | $ (0.48) | $ (0.17) | $ (3.71) | $ (4.04) | $ 2.62 | ||||
Diluted earnings (loss) per share from continuing operations (in usd per share) | 0 | 0 | (0.34) | (0.09) | 0 | (0.43) | (0.02) | ||||
Basic earnings (loss) per share (in usd per share) | $ (2.73) | $ (0.22) | $ (0.32) | $ (0.47) | (3.17) | (0.22) | (0.82) | (0.26) | (3.71) | (4.47) | 2.62 |
Diluted loss per share: | |||||||||||
Diluted from discontinued operations (in usd per share) | (2.73) | (0.22) | (0.32) | (0.47) | (3.17) | (0.22) | (0.82) | (0.26) | (3.71) | (4.47) | $ 2.60 |
Common stock dividend declared per share (in usd per share) | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.267 | $ 0 | $ 0 | $ 0.8 | $ 0.467 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Millions | 2 Months Ended | 12 Months Ended | |||
Mar. 12, 2020USD ($)Hotel$ / shares | Dec. 31, 2019USD ($)Hotel | Dec. 31, 2018USD ($)Hotel | Dec. 31, 2017USD ($)Hotel | Nov. 13, 2019$ / shares | |
Subsequent Event [Line Items] | |||||
Cash dividends (in usd per share) | $ / shares | $ 0.20 | ||||
Number of hotels | Hotel | 271 | 315 | 317 | ||
Repayments of debt | $ 114 | $ 1,030 | $ 18 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Cash dividends (in usd per share) | $ / shares | $ 0.20 | ||||
Number of hotels | Hotel | 17 | ||||
Proceeds from sale of hotels | $ 74 | ||||
Estimated gain on sale of hotel | 18 | ||||
Core Point C M B S Facility | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Repayments of debt | $ 41 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation Schedule III - Schedule III (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 921,400,000 | |||
Initial Cost, Land | 701,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 1,977,500,000 | |||
Costs capitalized subsequent to acquisition | 433,900,000 | |||
Gross amount carried at close of period | 3,113,000,000 | $ 3,643,000,000 | $ 3,808,000,000 | $ 3,697,000,000 |
Accumulated Depreciation | (1,216,000,000) | $ (1,386,000,000) | $ (1,425,000,000) | $ (1,332,000,000) |
Encumbrances, Unallocated | (50,200,000) | |||
Costs capitalized subsequent to acquisition, Unallocated | 0 | |||
Gross amount carried at close of period, Unallocated | 0 | |||
Accumulated depreciation, Unallocated | 0 | |||
Aggregate cost for federal income tax | $ 2,500,000,000 | |||
Minimum | Furniture Fixtures And Other Equipment | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life | 2 years | |||
Minimum | Hotels and Improvements | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate, depreciable lives | 5 years | |||
Maximum | Furniture Fixtures And Other Equipment | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful life | 10 years | |||
Maximum | Hotels and Improvements | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate, depreciable lives | 40 years | |||
El Paso - Cielo Vista | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,000,000 | |||
Initial Cost, Land | 2,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,700,000 | |||
Costs capitalized subsequent to acquisition | (1,100,000) | |||
Gross amount carried at close of period | 5,900,000 | |||
Accumulated Depreciation | (3,100,000) | |||
Charlotte - Airport South | NORTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,800,000 | |||
Initial Cost, Land | 700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,000,000 | |||
Costs capitalized subsequent to acquisition | 2,300,000 | |||
Gross amount carried at close of period | 9,000,000 | |||
Accumulated Depreciation | (4,300,000) | |||
Atlanta - Perimeter / Medical Center | GEORGIA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,800,000 | |||
Initial Cost, Land | 4,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,200,000 | |||
Costs capitalized subsequent to acquisition | 6,600,000 | |||
Gross amount carried at close of period | 20,400,000 | |||
Accumulated Depreciation | (6,600,000) | |||
Fremont / Silicon Valley | California | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,900,000 | |||
Initial Cost, Land | 3,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 2,400,000 | |||
Costs capitalized subsequent to acquisition | 2,700,000 | |||
Gross amount carried at close of period | 8,400,000 | |||
Accumulated Depreciation | (3,000,000) | |||
Ontario - Airport | California | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,400,000 | |||
Initial Cost, Land | 9,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 13,900,000 | |||
Costs capitalized subsequent to acquisition | 3,700,000 | |||
Gross amount carried at close of period | 26,600,000 | |||
Accumulated Depreciation | (7,600,000) | |||
Orlando - Airport North | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,200,000 | |||
Initial Cost, Land | 6,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 11,400,000 | |||
Costs capitalized subsequent to acquisition | 4,500,000 | |||
Gross amount carried at close of period | 22,400,000 | |||
Accumulated Depreciation | (6,900,000) | |||
Greenville - Haywood Road | SOUTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,900,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,500,000 | |||
Costs capitalized subsequent to acquisition | 3,100,000 | |||
Gross amount carried at close of period | 11,600,000 | |||
Accumulated Depreciation | (4,900,000) | |||
Las Vegas - Summerlin Tech Center | NEVADA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,100,000 | |||
Initial Cost, Land | 5,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,300,000 | |||
Costs capitalized subsequent to acquisition | 4,900,000 | |||
Gross amount carried at close of period | 20,500,000 | |||
Accumulated Depreciation | (6,200,000) | |||
Atlanta Ballpark / Galleria | GEORGIA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,500,000 | |||
Initial Cost, Land | 3,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,800,000 | |||
Costs capitalized subsequent to acquisition | 3,200,000 | |||
Gross amount carried at close of period | 15,600,000 | |||
Accumulated Depreciation | (5,700,000) | |||
Austin - Southwest | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,800,000 | |||
Initial Cost, Land | 13,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,800,000 | |||
Costs capitalized subsequent to acquisition | 2,300,000 | |||
Gross amount carried at close of period | 20,600,000 | |||
Accumulated Depreciation | (3,600,000) | |||
Houston - Bush IAH South | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,600,000 | |||
Initial Cost, Land | 2,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,200,000 | |||
Costs capitalized subsequent to acquisition | (5,500,000) | |||
Gross amount carried at close of period | 6,500,000 | |||
Accumulated Depreciation | (1,400,000) | |||
Oklahoma City - Northwest Expressway | OKLAHOMA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,400,000 | |||
Initial Cost, Land | 2,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,700,000 | |||
Costs capitalized subsequent to acquisition | (5,400,000) | |||
Gross amount carried at close of period | 5,300,000 | |||
Accumulated Depreciation | (800,000) | |||
Orlando - University of Central Florida | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,300,000 | |||
Initial Cost, Land | 5,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,000,000 | |||
Costs capitalized subsequent to acquisition | 6,000,000 | |||
Gross amount carried at close of period | 21,500,000 | |||
Accumulated Depreciation | (5,300,000) | |||
Winston - Salem | NORTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,700,000 | |||
Initial Cost, Land | 5,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,400,000 | |||
Costs capitalized subsequent to acquisition | (7,400,000) | |||
Gross amount carried at close of period | 7,800,000 | |||
Accumulated Depreciation | (1,100,000) | |||
Orlando I-Drive / Convention Center | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,900,000 | |||
Initial Cost, Land | 6,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 13,500,000 | |||
Costs capitalized subsequent to acquisition | 4,300,000 | |||
Gross amount carried at close of period | 24,100,000 | |||
Accumulated Depreciation | (6,600,000) | |||
University Area Chapel Hill | NORTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,000,000 | |||
Initial Cost, Land | 3,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,400,000 | |||
Costs capitalized subsequent to acquisition | 3,300,000 | |||
Gross amount carried at close of period | 16,800,000 | |||
Accumulated Depreciation | (6,300,000) | |||
Raleigh / Durham Southpoint | NORTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,700,000 | |||
Initial Cost, Land | 900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,100,000 | |||
Costs capitalized subsequent to acquisition | 3,500,000 | |||
Gross amount carried at close of period | 11,500,000 | |||
Accumulated Depreciation | (5,900,000) | |||
Austin - Airport | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,000,000 | |||
Initial Cost, Land | 2,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,700,000 | |||
Costs capitalized subsequent to acquisition | 7,200,000 | |||
Gross amount carried at close of period | 19,400,000 | |||
Accumulated Depreciation | (6,600,000) | |||
Greensboro | NORTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,900,000 | |||
Initial Cost, Land | 4,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,200,000 | |||
Costs capitalized subsequent to acquisition | (4,400,000) | |||
Gross amount carried at close of period | 8,800,000 | |||
Accumulated Depreciation | (1,000,000) | |||
El Paso - East Lomaland | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,500,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,400,000 | |||
Costs capitalized subsequent to acquisition | 1,600,000 | |||
Gross amount carried at close of period | 9,100,000 | |||
Accumulated Depreciation | (6,900,000) | |||
Odessa | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,500,000 | |||
Initial Cost, Land | 700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,300,000 | |||
Costs capitalized subsequent to acquisition | 2,800,000 | |||
Gross amount carried at close of period | 9,800,000 | |||
Accumulated Depreciation | (7,300,000) | |||
Amarillo - Airport | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,200,000 | |||
Initial Cost, Land | 1,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,300,000 | |||
Costs capitalized subsequent to acquisition | (4,400,000) | |||
Gross amount carried at close of period | 3,100,000 | |||
Accumulated Depreciation | (1,100,000) | |||
Midland - Wall Street | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,900,000 | |||
Initial Cost, Land | 400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,100,000 | |||
Costs capitalized subsequent to acquisition | 2,900,000 | |||
Gross amount carried at close of period | 10,400,000 | |||
Accumulated Depreciation | (6,500,000) | |||
Farmington | NEW MEXICO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,600,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,900,000 | |||
Costs capitalized subsequent to acquisition | 1,000,000 | |||
Gross amount carried at close of period | 7,900,000 | |||
Accumulated Depreciation | (4,800,000) | |||
Austin South / I-35 | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,200,000 | |||
Initial Cost, Land | 1,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,300,000 | |||
Costs capitalized subsequent to acquisition | 1,500,000 | |||
Gross amount carried at close of period | 9,700,000 | |||
Accumulated Depreciation | (5,400,000) | |||
San Antonio - Riverwalk | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,500,000 | |||
Initial Cost, Land | 14,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 17,900,000 | |||
Costs capitalized subsequent to acquisition | 7,800,000 | |||
Gross amount carried at close of period | 39,900,000 | |||
Accumulated Depreciation | (10,900,000) | |||
Laredo - I-35 | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,200,000 | |||
Initial Cost, Land | 1,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,600,000 | |||
Costs capitalized subsequent to acquisition | 3,000,000 | |||
Gross amount carried at close of period | 9,400,000 | |||
Accumulated Depreciation | (6,600,000) | |||
El Paso - Airport | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,100,000 | |||
Initial Cost, Land | 3,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,200,000 | |||
Costs capitalized subsequent to acquisition | 2,200,000 | |||
Gross amount carried at close of period | 10,700,000 | |||
Accumulated Depreciation | (6,600,000) | |||
San Antonio - South | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,200,000 | |||
Initial Cost, Land | 1,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,400,000 | |||
Costs capitalized subsequent to acquisition | 2,600,000 | |||
Gross amount carried at close of period | 8,900,000 | |||
Accumulated Depreciation | (6,000,000) | |||
Dallas - Uptown | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,200,000 | |||
Initial Cost, Land | 5,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 1,500,000 | |||
Costs capitalized subsequent to acquisition | 2,700,000 | |||
Gross amount carried at close of period | 9,600,000 | |||
Accumulated Depreciation | (3,100,000) | |||
Wichita Falls Event Center North | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,600,000 | |||
Initial Cost, Land | 1,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,900,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 10,200,000 | |||
Accumulated Depreciation | (7,500,000) | |||
Denver - Cherry Creek | COLORADO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,300,000 | |||
Initial Cost, Land | 4,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,000,000 | |||
Costs capitalized subsequent to acquisition | 3,400,000 | |||
Gross amount carried at close of period | 11,800,000 | |||
Accumulated Depreciation | (5,900,000) | |||
Dallas - DFW Airport South / Irving | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,000,000 | |||
Initial Cost, Land | 600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,800,000 | |||
Costs capitalized subsequent to acquisition | 2,700,000 | |||
Gross amount carried at close of period | 9,100,000 | |||
Accumulated Depreciation | (4,100,000) | |||
Austin - Oltorf | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,300,000 | |||
Initial Cost, Land | 6,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,800,000 | |||
Costs capitalized subsequent to acquisition | 1,600,000 | |||
Gross amount carried at close of period | 11,900,000 | |||
Accumulated Depreciation | (5,300,000) | |||
San Antonio - Lackland | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,700,000 | |||
Initial Cost, Land | 700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,000,000 | |||
Costs capitalized subsequent to acquisition | 3,100,000 | |||
Gross amount carried at close of period | 9,800,000 | |||
Accumulated Depreciation | (8,100,000) | |||
Killeen - Fort Hood | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,800,000 | |||
Initial Cost, Land | 1,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,100,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 9,900,000 | |||
Accumulated Depreciation | (7,300,000) | |||
Clute - Lake Jackson | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,400,000 | |||
Initial Cost, Land | 400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,200,000 | |||
Costs capitalized subsequent to acquisition | (2,900,000) | |||
Gross amount carried at close of period | 2,700,000 | |||
Accumulated Depreciation | (1,000,000) | |||
Austin - University Area | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,700,000 | |||
Initial Cost, Land | 1,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,100,000 | |||
Costs capitalized subsequent to acquisition | 2,100,000 | |||
Gross amount carried at close of period | 10,100,000 | |||
Accumulated Depreciation | (6,800,000) | |||
Tallahassee - North | Florida | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,700,000 | |||
Initial Cost, Land | 3,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,100,000 | |||
Costs capitalized subsequent to acquisition | 2,700,000 | |||
Gross amount carried at close of period | 14,800,000 | |||
Accumulated Depreciation | (10,100,000) | |||
College Station | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,300,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,900,000 | |||
Costs capitalized subsequent to acquisition | 2,900,000 | |||
Gross amount carried at close of period | 13,800,000 | |||
Accumulated Depreciation | (11,100,000) | |||
Costa Mesa Orange County | California | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,400,000 | |||
Initial Cost, Land | 7,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,200,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 16,100,000 | |||
Accumulated Depreciation | (7,300,000) | |||
Reno | NEVADA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,000,000 | |||
Initial Cost, Land | 1,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,300,000 | |||
Costs capitalized subsequent to acquisition | 1,600,000 | |||
Gross amount carried at close of period | 10,300,000 | |||
Accumulated Depreciation | (7,700,000) | |||
Champaign | ILLINOIS | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,800,000 | |||
Initial Cost, Land | 1,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,700,000 | |||
Costs capitalized subsequent to acquisition | (3,700,000) | |||
Gross amount carried at close of period | 4,800,000 | |||
Accumulated Depreciation | (900,000) | |||
San Antonio - I-35 at Rittiman Road | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,200,000 | |||
Initial Cost, Land | 700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,100,000 | |||
Costs capitalized subsequent to acquisition | 2,200,000 | |||
Gross amount carried at close of period | 10,000,000 | |||
Accumulated Depreciation | (8,000,000) | |||
Nashville - South | TENNESSEE | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,900,000 | |||
Initial Cost, Land | 800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,900,000 | |||
Costs capitalized subsequent to acquisition | 2,500,000 | |||
Gross amount carried at close of period | 9,200,000 | |||
Accumulated Depreciation | (6,000,000) | |||
Lexington | KENTUCKY | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,300,000 | |||
Initial Cost, Land | 2,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,100,000 | |||
Costs capitalized subsequent to acquisition | (5,700,000) | |||
Gross amount carried at close of period | 3,900,000 | |||
Accumulated Depreciation | (900,000) | |||
Phoenix - Sky Harbor Airport | ARIZONA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,800,000 | |||
Initial Cost, Land | 3,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,000,000 | |||
Costs capitalized subsequent to acquisition | 1,900,000 | |||
Gross amount carried at close of period | 12,700,000 | |||
Accumulated Depreciation | (6,200,000) | |||
San Antonio - Market Square | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,900,000 | |||
Initial Cost, Land | 6,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,800,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 14,500,000 | |||
Accumulated Depreciation | (5,600,000) | |||
Bossier City | LOUISIANA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,300,000 | |||
Initial Cost, Land | 4,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,700,000 | |||
Costs capitalized subsequent to acquisition | (7,600,000) | |||
Gross amount carried at close of period | 3,500,000 | |||
Accumulated Depreciation | (1,000,000) | |||
Eagle Pass | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,100,000 | |||
Initial Cost, Land | 900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,700,000 | |||
Costs capitalized subsequent to acquisition | 1,300,000 | |||
Gross amount carried at close of period | 8,900,000 | |||
Accumulated Depreciation | (5,500,000) | |||
New Orleans West Bank / Gretna | LOUISIANA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 0 | |||
Costs capitalized subsequent to acquisition | 12,200,000 | |||
Gross amount carried at close of period | 12,200,000 | |||
Accumulated Depreciation | (7,700,000) | |||
New Orleans Veterans - Metairie | LOUISIANA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 600,000 | |||
Costs capitalized subsequent to acquisition | (600,000) | |||
Gross amount carried at close of period | 0 | |||
Accumulated Depreciation | 0 | |||
Lufkin | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,300,000 | |||
Initial Cost, Land | 1,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,300,000 | |||
Costs capitalized subsequent to acquisition | (400,000) | |||
Gross amount carried at close of period | 6,200,000 | |||
Accumulated Depreciation | (4,200,000) | |||
Temple | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,200,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,300,000 | |||
Costs capitalized subsequent to acquisition | (2,600,000) | |||
Gross amount carried at close of period | 3,800,000 | |||
Accumulated Depreciation | (1,000,000) | |||
Norfolk - Virginia Beach | VIRGINIA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,300,000 | |||
Initial Cost, Land | 5,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,900,000 | |||
Costs capitalized subsequent to acquisition | (3,900,000) | |||
Gross amount carried at close of period | 8,100,000 | |||
Accumulated Depreciation | (4,500,000) | |||
San Antonio Sea World Ingram Park | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,100,000 | |||
Initial Cost, Land | 5,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,300,000 | |||
Costs capitalized subsequent to acquisition | (5,800,000) | |||
Gross amount carried at close of period | 6,600,000 | |||
Accumulated Depreciation | (1,900,000) | |||
Augusta | GEORGIA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,300,000 | |||
Initial Cost, Land | 1,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,600,000 | |||
Costs capitalized subsequent to acquisition | 200,000 | |||
Gross amount carried at close of period | 8,000,000 | |||
Accumulated Depreciation | (5,500,000) | |||
El Paso - West | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,100,000 | |||
Initial Cost, Land | 1,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,300,000 | |||
Costs capitalized subsequent to acquisition | 1,300,000 | |||
Gross amount carried at close of period | 9,200,000 | |||
Accumulated Depreciation | (5,300,000) | |||
Tampa Bay Airport | Florida | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,700,000 | |||
Initial Cost, Land | 8,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,100,000 | |||
Costs capitalized subsequent to acquisition | (2,000,000) | |||
Gross amount carried at close of period | 12,300,000 | |||
Accumulated Depreciation | (6,800,000) | |||
Pensacola | Florida | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,700,000 | |||
Initial Cost, Land | 3,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,400,000 | |||
Costs capitalized subsequent to acquisition | (5,800,000) | |||
Gross amount carried at close of period | 4,800,000 | |||
Accumulated Depreciation | (1,300,000) | |||
Stockton | California | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,500,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,300,000 | |||
Costs capitalized subsequent to acquisition | 1,400,000 | |||
Gross amount carried at close of period | 12,800,000 | |||
Accumulated Depreciation | (8,100,000) | |||
Pittsburgh Airport | PENNSYLVANIA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,600,000 | |||
Initial Cost, Land | 600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,900,000 | |||
Costs capitalized subsequent to acquisition | 2,300,000 | |||
Gross amount carried at close of period | 9,800,000 | |||
Accumulated Depreciation | (6,300,000) | |||
Albuquerque - Northeast | NEW MEXICO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,400,000 | |||
Initial Cost, Land | 2,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,900,000 | |||
Costs capitalized subsequent to acquisition | 1,500,000 | |||
Gross amount carried at close of period | 10,400,000 | |||
Accumulated Depreciation | (5,800,000) | |||
Colorado Springs - Garden of the Gods | COLORADO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,300,000 | |||
Initial Cost, Land | 700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,200,000 | |||
Costs capitalized subsequent to acquisition | 1,800,000 | |||
Gross amount carried at close of period | 7,700,000 | |||
Accumulated Depreciation | (4,800,000) | |||
Sacramento - North | California | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,900,000 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 8,300,000 | |||
Costs capitalized subsequent to acquisition | (2,600,000) | |||
Gross amount carried at close of period | 5,700,000 | |||
Accumulated Depreciation | (4,700,000) | |||
Denver - Golden | COLORADO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,700,000 | |||
Initial Cost, Land | 1,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,400,000 | |||
Costs capitalized subsequent to acquisition | 2,500,000 | |||
Gross amount carried at close of period | 10,600,000 | |||
Accumulated Depreciation | (6,100,000) | |||
Amarillo - Medical Center | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,000,000 | |||
Initial Cost, Land | 900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,400,000 | |||
Costs capitalized subsequent to acquisition | (4,200,000) | |||
Gross amount carried at close of period | 3,100,000 | |||
Accumulated Depreciation | (1,300,000) | |||
San Antonio - I-35 North at Toepperwein | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,500,000 | |||
Initial Cost, Land | 2,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,700,000 | |||
Costs capitalized subsequent to acquisition | (5,100,000) | |||
Gross amount carried at close of period | 6,200,000 | |||
Accumulated Depreciation | (1,200,000) | |||
Orlando - Airport West | Florida | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,300,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,300,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 10,800,000 | |||
Accumulated Depreciation | (5,500,000) | |||
San Diego - Vista | California | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,800,000 | |||
Initial Cost, Land | 2,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,900,000 | |||
Costs capitalized subsequent to acquisition | (900,000) | |||
Gross amount carried at close of period | 9,400,000 | |||
Accumulated Depreciation | (4,900,000) | |||
Denver - Northglenn | COLORADO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,200,000 | |||
Initial Cost, Land | 2,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,500,000 | |||
Costs capitalized subsequent to acquisition | 1,900,000 | |||
Gross amount carried at close of period | 8,800,000 | |||
Accumulated Depreciation | (4,300,000) | |||
Bakersfield - South | California | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,200,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,500,000 | |||
Costs capitalized subsequent to acquisition | 1,900,000 | |||
Gross amount carried at close of period | 11,400,000 | |||
Accumulated Depreciation | (6,900,000) | |||
San Diego - Chula Vista | California | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,000,000 | |||
Initial Cost, Land | 2,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,600,000 | |||
Costs capitalized subsequent to acquisition | 2,900,000 | |||
Gross amount carried at close of period | 13,700,000 | |||
Accumulated Depreciation | (7,500,000) | |||
Houston - Cyfair | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,800,000 | |||
Initial Cost, Land | 1,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,900,000 | |||
Costs capitalized subsequent to acquisition | (5,700,000) | |||
Gross amount carried at close of period | 2,600,000 | |||
Accumulated Depreciation | (900,000) | |||
Fresno - Yosemite | California | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,300,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,500,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 12,900,000 | |||
Accumulated Depreciation | (7,900,000) | |||
Denver - Westminster | COLORADO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,000,000 | |||
Initial Cost, Land | 900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,900,000 | |||
Costs capitalized subsequent to acquisition | 2,000,000 | |||
Gross amount carried at close of period | 8,800,000 | |||
Accumulated Depreciation | (5,300,000) | |||
Ventura | California | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,200,000 | |||
Initial Cost, Land | 4,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,300,000 | |||
Costs capitalized subsequent to acquisition | 3,000,000 | |||
Gross amount carried at close of period | 15,300,000 | |||
Accumulated Depreciation | (6,400,000) | |||
San Diego - Miramar | California | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,400,000 | |||
Initial Cost, Land | 2,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,000,000 | |||
Costs capitalized subsequent to acquisition | 2,300,000 | |||
Gross amount carried at close of period | 13,700,000 | |||
Accumulated Depreciation | (6,700,000) | |||
Fort Lauderdale - I-95 at Hillsboro East | Florida | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,400,000 | |||
Initial Cost, Land | 2,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 11,000,000 | |||
Costs capitalized subsequent to acquisition | 3,300,000 | |||
Gross amount carried at close of period | 16,300,000 | |||
Accumulated Depreciation | (9,600,000) | |||
San Francisco Airport North | California | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,900,000 | |||
Initial Cost, Land | 3,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,100,000 | |||
Costs capitalized subsequent to acquisition | 14,700,000 | |||
Gross amount carried at close of period | 21,600,000 | |||
Accumulated Depreciation | (6,100,000) | |||
Santa Fe | NEW MEXICO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,300,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,500,000 | |||
Costs capitalized subsequent to acquisition | 2,000,000 | |||
Gross amount carried at close of period | 10,600,000 | |||
Accumulated Depreciation | (6,600,000) | |||
Irvine Spectrum | California | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,300,000 | |||
Initial Cost, Land | 7,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,300,000 | |||
Costs capitalized subsequent to acquisition | 2,900,000 | |||
Gross amount carried at close of period | 18,200,000 | |||
Accumulated Depreciation | (7,700,000) | |||
Miami - Airport North | Florida | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,700,000 | |||
Initial Cost, Land | 6,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,200,000 | |||
Costs capitalized subsequent to acquisition | 6,900,000 | |||
Gross amount carried at close of period | 20,400,000 | |||
Accumulated Depreciation | (6,700,000) | |||
San Angelo - Inn and Conference Center | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,500,000 | |||
Initial Cost, Land | 2,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,200,000 | |||
Costs capitalized subsequent to acquisition | 3,000,000 | |||
Gross amount carried at close of period | 11,200,000 | |||
Accumulated Depreciation | (8,000,000) | |||
Moline - Airport | ILLINOIS | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,100,000 | |||
Initial Cost, Land | 600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,900,000 | |||
Costs capitalized subsequent to acquisition | 1,400,000 | |||
Gross amount carried at close of period | 7,900,000 | |||
Accumulated Depreciation | (6,700,000) | |||
St. Louis - Westport | MISSOURI | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,400,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,000,000 | |||
Costs capitalized subsequent to acquisition | (1,100,000) | |||
Gross amount carried at close of period | 6,900,000 | |||
Accumulated Depreciation | (900,000) | |||
Seattle - Sea-Tac Airport | WASHINGTON | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,400,000 | |||
Initial Cost, Land | 4,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,000,000 | |||
Costs capitalized subsequent to acquisition | 3,500,000 | |||
Gross amount carried at close of period | 17,600,000 | |||
Accumulated Depreciation | (7,600,000) | |||
Seattle - Bellevue / Kirkland | WASHINGTON | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,100,000 | |||
Initial Cost, Land | 7,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,300,000 | |||
Costs capitalized subsequent to acquisition | 3,900,000 | |||
Gross amount carried at close of period | 19,400,000 | |||
Accumulated Depreciation | (7,700,000) | |||
Tacoma - Seattle | WASHINGTON | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,600,000 | |||
Initial Cost, Land | 2,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 15,700,000 | |||
Costs capitalized subsequent to acquisition | 5,300,000 | |||
Gross amount carried at close of period | 23,400,000 | |||
Accumulated Depreciation | (11,100,000) | |||
Salt Lake City - Layton | UTAH | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,300,000 | |||
Initial Cost, Land | 700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,500,000 | |||
Costs capitalized subsequent to acquisition | 1,800,000 | |||
Gross amount carried at close of period | 7,000,000 | |||
Accumulated Depreciation | (3,900,000) | |||
Galveston East Beach | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,400,000 | |||
Initial Cost, Land | 3,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,500,000 | |||
Costs capitalized subsequent to acquisition | 4,700,000 | |||
Gross amount carried at close of period | 13,700,000 | |||
Accumulated Depreciation | (5,600,000) | |||
Clearwater Airport | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,600,000 | |||
Initial Cost, Land | 2,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,700,000 | |||
Costs capitalized subsequent to acquisition | 2,100,000 | |||
Gross amount carried at close of period | 10,400,000 | |||
Accumulated Depreciation | (4,500,000) | |||
Arlington - North / Dallas | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,800,000 | |||
Initial Cost, Land | 3,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,100,000 | |||
Costs capitalized subsequent to acquisition | 16,400,000 | |||
Gross amount carried at close of period | 28,400,000 | |||
Accumulated Depreciation | (9,400,000) | |||
Las Cruces - Mesilla Valley | NEW MEXICO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,300,000 | |||
Initial Cost, Land | 3,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,600,000 | |||
Costs capitalized subsequent to acquisition | (5,400,000) | |||
Gross amount carried at close of period | 3,900,000 | |||
Accumulated Depreciation | (1,100,000) | |||
Houston - Stafford Sugarland | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,300,000 | |||
Initial Cost, Land | 3,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,200,000 | |||
Costs capitalized subsequent to acquisition | (5,300,000) | |||
Gross amount carried at close of period | 4,400,000 | |||
Accumulated Depreciation | (1,000,000) | |||
Tucson - East | ARIZONA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,900,000 | |||
Initial Cost, Land | 4,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,500,000 | |||
Costs capitalized subsequent to acquisition | 2,900,000 | |||
Gross amount carried at close of period | 12,700,000 | |||
Accumulated Depreciation | (4,900,000) | |||
Corpus Christi - North | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,200,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,100,000 | |||
Costs capitalized subsequent to acquisition | 2,500,000 | |||
Gross amount carried at close of period | 8,600,000 | |||
Accumulated Depreciation | (6,200,000) | |||
Phoenix - Thomas Road | ARIZONA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,200,000 | |||
Initial Cost, Land | 2,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,700,000 | |||
Costs capitalized subsequent to acquisition | 1,800,000 | |||
Gross amount carried at close of period | 8,500,000 | |||
Accumulated Depreciation | (5,700,000) | |||
Dallas - North Central | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,200,000 | |||
Initial Cost, Land | 2,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,000,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 13,300,000 | |||
Accumulated Depreciation | (4,900,000) | |||
San Antonio - Vance Jackson | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 700,000 | |||
Initial Cost, Land | 800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,600,000 | |||
Costs capitalized subsequent to acquisition | 2,000,000 | |||
Gross amount carried at close of period | 7,400,000 | |||
Accumulated Depreciation | (5,500,000) | |||
Huntsville - Research Park | ALABAMA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,600,000 | |||
Initial Cost, Land | 1,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,900,000 | |||
Costs capitalized subsequent to acquisition | (1,800,000) | |||
Gross amount carried at close of period | 6,900,000 | |||
Accumulated Depreciation | (5,300,000) | |||
Kansas City - Lenexa | KANSAS | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,000,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,000,000 | |||
Costs capitalized subsequent to acquisition | 2,300,000 | |||
Gross amount carried at close of period | 8,300,000 | |||
Accumulated Depreciation | (6,000,000) | |||
Salt Lake City - Midvale | UTAH | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,900,000 | |||
Initial Cost, Land | 800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,300,000 | |||
Costs capitalized subsequent to acquisition | 2,200,000 | |||
Gross amount carried at close of period | 7,300,000 | |||
Accumulated Depreciation | (5,500,000) | |||
Merrillville | INDIANA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,000,000 | |||
Initial Cost, Land | 600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,500,000 | |||
Costs capitalized subsequent to acquisition | 2,000,000 | |||
Gross amount carried at close of period | 6,100,000 | |||
Accumulated Depreciation | (4,400,000) | |||
Cheyenne | WYOMING | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,900,000 | |||
Initial Cost, Land | 500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,100,000 | |||
Costs capitalized subsequent to acquisition | 1,700,000 | |||
Gross amount carried at close of period | 8,300,000 | |||
Accumulated Depreciation | (6,400,000) | |||
Omaha - Northwest | NEBRASKA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,100,000 | |||
Initial Cost, Land | 600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,800,000 | |||
Costs capitalized subsequent to acquisition | (4,100,000) | |||
Gross amount carried at close of period | 3,300,000 | |||
Accumulated Depreciation | (1,400,000) | |||
Albuquerque - Airport | NEW MEXICO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,300,000 | |||
Initial Cost, Land | 1,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,500,000 | |||
Costs capitalized subsequent to acquisition | (3,400,000) | |||
Gross amount carried at close of period | 3,700,000 | |||
Accumulated Depreciation | (900,000) | |||
Fort Myers - Central | Florida | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,600,000 | |||
Initial Cost, Land | 3,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,300,000 | |||
Costs capitalized subsequent to acquisition | (4,000,000) | |||
Gross amount carried at close of period | 6,700,000 | |||
Accumulated Depreciation | (1,000,000) | |||
Denver - Central | COLORADO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,200,000 | |||
Initial Cost, Land | 800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,900,000 | |||
Costs capitalized subsequent to acquisition | 2,000,000 | |||
Gross amount carried at close of period | 8,700,000 | |||
Accumulated Depreciation | (6,800,000) | |||
Round Rock North | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,800,000 | |||
Initial Cost, Land | 1,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,500,000 | |||
Costs capitalized subsequent to acquisition | 2,200,000 | |||
Gross amount carried at close of period | 8,600,000 | |||
Accumulated Depreciation | (4,100,000) | |||
Austin Capitol / Downtown | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,100,000 | |||
Initial Cost, Land | 4,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,200,000 | |||
Costs capitalized subsequent to acquisition | 5,300,000 | |||
Gross amount carried at close of period | 19,000,000 | |||
Accumulated Depreciation | (7,000,000) | |||
Phoenix - North | ARIZONA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,300,000 | |||
Initial Cost, Land | 3,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,600,000 | |||
Costs capitalized subsequent to acquisition | (1,500,000) | |||
Gross amount carried at close of period | 8,700,000 | |||
Accumulated Depreciation | (4,700,000) | |||
Redding | California | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,800,000 | |||
Initial Cost, Land | 1,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 12,600,000 | |||
Costs capitalized subsequent to acquisition | 2,100,000 | |||
Gross amount carried at close of period | 15,900,000 | |||
Accumulated Depreciation | (7,600,000) | |||
New Orleans - Airport | LOUISIANA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,300,000 | |||
Initial Cost, Land | 4,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,900,000 | |||
Costs capitalized subsequent to acquisition | 6,300,000 | |||
Gross amount carried at close of period | 16,000,000 | |||
Accumulated Depreciation | (6,900,000) | |||
Sacramento - Downtown | California | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,600,000 | |||
Initial Cost, Land | 3,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 11,600,000 | |||
Costs capitalized subsequent to acquisition | (2,800,000) | |||
Gross amount carried at close of period | 11,800,000 | |||
Accumulated Depreciation | (6,300,000) | |||
Nashville - Airport/Opryland | TENNESSEE | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,900,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,600,000 | |||
Costs capitalized subsequent to acquisition | 2,800,000 | |||
Gross amount carried at close of period | 9,500,000 | |||
Accumulated Depreciation | (4,500,000) | |||
Buena Park | California | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,600,000 | |||
Initial Cost, Land | 4,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,400,000 | |||
Costs capitalized subsequent to acquisition | 3,200,000 | |||
Gross amount carried at close of period | 18,300,000 | |||
Accumulated Depreciation | (7,100,000) | |||
San Antonio - Airport | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,200,000 | |||
Initial Cost, Land | 3,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 18,200,000 | |||
Costs capitalized subsequent to acquisition | 3,900,000 | |||
Gross amount carried at close of period | 25,800,000 | |||
Accumulated Depreciation | (10,700,000) | |||
Lubbock - Medical Center | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,800,000 | |||
Initial Cost, Land | 500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,600,000 | |||
Costs capitalized subsequent to acquisition | (6,200,000) | |||
Gross amount carried at close of period | 4,900,000 | |||
Accumulated Depreciation | (1,200,000) | |||
Las Vegas Airport North Convention Center | NEVADA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,200,000 | |||
Initial Cost, Land | 18,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,500,000 | |||
Costs capitalized subsequent to acquisition | 5,200,000 | |||
Gross amount carried at close of period | 34,500,000 | |||
Accumulated Depreciation | (8,300,000) | |||
Fort Stockton | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,500,000 | |||
Initial Cost, Land | 500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,300,000 | |||
Costs capitalized subsequent to acquisition | 1,400,000 | |||
Gross amount carried at close of period | 6,200,000 | |||
Accumulated Depreciation | (3,000,000) | |||
San Marcos | Texas | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,500,000 | |||
Initial Cost, Land | 2,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,400,000 | |||
Costs capitalized subsequent to acquisition | (1,800,000) | |||
Gross amount carried at close of period | 5,400,000 | |||
Accumulated Depreciation | (900,000) | |||
Kingsport Tri-Cities Airport | TENNESSEE | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,200,000 | |||
Initial Cost, Land | 500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,600,000 | |||
Costs capitalized subsequent to acquisition | 2,100,000 | |||
Gross amount carried at close of period | 9,200,000 | |||
Accumulated Depreciation | (4,600,000) | |||
Austin at The Domain | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,300,000 | |||
Initial Cost, Land | 4,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,200,000 | |||
Costs capitalized subsequent to acquisition | 5,700,000 | |||
Gross amount carried at close of period | 20,000,000 | |||
Accumulated Depreciation | (6,700,000) | |||
Dallas - Addison Galleria | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,900,000 | |||
Initial Cost, Land | 2,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,600,000 | |||
Costs capitalized subsequent to acquisition | 2,600,000 | |||
Gross amount carried at close of period | 10,800,000 | |||
Accumulated Depreciation | (4,700,000) | |||
Flagstaff | ARIZONA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,600,000 | |||
Initial Cost, Land | 4,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,900,000 | |||
Costs capitalized subsequent to acquisition | 5,800,000 | |||
Gross amount carried at close of period | 19,600,000 | |||
Accumulated Depreciation | (6,500,000) | |||
Macon | GEORGIA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,400,000 | |||
Initial Cost, Land | 2,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 11,100,000 | |||
Costs capitalized subsequent to acquisition | (7,800,000) | |||
Gross amount carried at close of period | 5,900,000 | |||
Accumulated Depreciation | (1,100,000) | |||
Fort Lauderdale - Cypress Creek I-95 | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,700,000 | |||
Initial Cost, Land | 4,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,800,000 | |||
Costs capitalized subsequent to acquisition | (3,700,000) | |||
Gross amount carried at close of period | 11,300,000 | |||
Accumulated Depreciation | (1,700,000) | |||
Dallas - DFW Airport North / Irving | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,700,000 | |||
Initial Cost, Land | 2,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,600,000 | |||
Costs capitalized subsequent to acquisition | 5,700,000 | |||
Gross amount carried at close of period | 13,700,000 | |||
Accumulated Depreciation | (7,100,000) | |||
Raleigh-Durham Airport / Hospitality Court | NORTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,000,000 | |||
Initial Cost, Land | 3,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,200,000 | |||
Costs capitalized subsequent to acquisition | 3,200,000 | |||
Gross amount carried at close of period | 17,200,000 | |||
Accumulated Depreciation | (7,200,000) | |||
Tucson - Airport | ARIZONA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,800,000 | |||
Initial Cost, Land | 2,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 11,000,000 | |||
Costs capitalized subsequent to acquisition | 2,600,000 | |||
Gross amount carried at close of period | 15,600,000 | |||
Accumulated Depreciation | (7,100,000) | |||
Denver - Tech Center | COLORADO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,800,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,600,000 | |||
Costs capitalized subsequent to acquisition | 5,300,000 | |||
Gross amount carried at close of period | 14,000,000 | |||
Accumulated Depreciation | (5,400,000) | |||
Phoenix - Scottsdale | ARIZONA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,600,000 | |||
Initial Cost, Land | 5,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,400,000 | |||
Costs capitalized subsequent to acquisition | 3,900,000 | |||
Gross amount carried at close of period | 18,500,000 | |||
Accumulated Depreciation | (6,300,000) | |||
Birmingham - Homewood | ALABAMA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,800,000 | |||
Initial Cost, Land | 5,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,000,000 | |||
Costs capitalized subsequent to acquisition | (8,100,000) | |||
Gross amount carried at close of period | 7,000,000 | |||
Accumulated Depreciation | (1,100,000) | |||
Fort Worth - North | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,700,000 | |||
Initial Cost, Land | 2,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,700,000 | |||
Costs capitalized subsequent to acquisition | (2,600,000) | |||
Gross amount carried at close of period | 9,000,000 | |||
Accumulated Depreciation | (800,000) | |||
Myrtle Beach - Broadway Area | SOUTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,800,000 | |||
Initial Cost, Land | 1,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,600,000 | |||
Costs capitalized subsequent to acquisition | 3,300,000 | |||
Gross amount carried at close of period | 12,100,000 | |||
Accumulated Depreciation | (4,600,000) | |||
Denver - Louisville / Boulder | COLORADO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,000,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,600,000 | |||
Costs capitalized subsequent to acquisition | 5,300,000 | |||
Gross amount carried at close of period | 13,900,000 | |||
Accumulated Depreciation | (5,300,000) | |||
Shreveport Airport | LOUISIANA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,800,000 | |||
Initial Cost, Land | 1,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,200,000 | |||
Costs capitalized subsequent to acquisition | 5,100,000 | |||
Gross amount carried at close of period | 15,000,000 | |||
Accumulated Depreciation | (5,400,000) | |||
Fort Worth - City View | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,100,000 | |||
Initial Cost, Land | 6,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,000,000 | |||
Costs capitalized subsequent to acquisition | (5,700,000) | |||
Gross amount carried at close of period | 8,600,000 | |||
Accumulated Depreciation | (800,000) | |||
Salt Lake City - Airport | UTAH | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,600,000 | |||
Initial Cost, Land | 2,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,000,000 | |||
Costs capitalized subsequent to acquisition | (2,400,000) | |||
Gross amount carried at close of period | 8,100,000 | |||
Accumulated Depreciation | (900,000) | |||
Raleigh - Crabtree | NORTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,000,000 | |||
Initial Cost, Land | 3,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,800,000 | |||
Costs capitalized subsequent to acquisition | 3,900,000 | |||
Gross amount carried at close of period | 17,300,000 | |||
Accumulated Depreciation | (7,300,000) | |||
Arlington - South / Dallas | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,300,000 | |||
Initial Cost, Land | 7,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,500,000 | |||
Costs capitalized subsequent to acquisition | 3,200,000 | |||
Gross amount carried at close of period | 18,100,000 | |||
Accumulated Depreciation | (5,700,000) | |||
Alexandria Airport | LOUISIANA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,600,000 | |||
Initial Cost, Land | 2,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,200,000 | |||
Costs capitalized subsequent to acquisition | (6,600,000) | |||
Gross amount carried at close of period | 3,700,000 | |||
Accumulated Depreciation | (1,000,000) | |||
Orem - University Parkway | UTAH | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,500,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,000,000 | |||
Costs capitalized subsequent to acquisition | (3,000,000) | |||
Gross amount carried at close of period | 7,100,000 | |||
Accumulated Depreciation | (800,000) | |||
Houston - Galleria Area | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,400,000 | |||
Initial Cost, Land | 13,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 12,000,000 | |||
Costs capitalized subsequent to acquisition | (10,300,000) | |||
Gross amount carried at close of period | 14,900,000 | |||
Accumulated Depreciation | (1,300,000) | |||
Atlanta - Alpharetta | GEORGIA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,100,000 | |||
Initial Cost, Land | 2,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,400,000 | |||
Costs capitalized subsequent to acquisition | 5,500,000 | |||
Gross amount carried at close of period | 15,000,000 | |||
Accumulated Depreciation | (5,300,000) | |||
Tampa - Brandon Regency Park | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,400,000 | |||
Initial Cost, Land | 10,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,600,000 | |||
Costs capitalized subsequent to acquisition | 4,500,000 | |||
Gross amount carried at close of period | 24,700,000 | |||
Accumulated Depreciation | (5,800,000) | |||
Raleigh - Cary | NORTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,600,000 | |||
Initial Cost, Land | 1,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,700,000 | |||
Costs capitalized subsequent to acquisition | 3,500,000 | |||
Gross amount carried at close of period | 12,700,000 | |||
Accumulated Depreciation | (6,200,000) | |||
Oklahoma City - Norman | OKLAHOMA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,700,000 | |||
Initial Cost, Land | 2,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,100,000 | |||
Costs capitalized subsequent to acquisition | 4,700,000 | |||
Gross amount carried at close of period | 15,400,000 | |||
Accumulated Depreciation | (5,400,000) | |||
Dallas - Plano West | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,500,000 | |||
Initial Cost, Land | 1,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,900,000 | |||
Costs capitalized subsequent to acquisition | (1,900,000) | |||
Gross amount carried at close of period | 7,900,000 | |||
Accumulated Depreciation | (800,000) | |||
Jacksonville - Butler Boulevard | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,600,000 | |||
Initial Cost, Land | 3,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,200,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 16,400,000 | |||
Accumulated Depreciation | (6,100,000) | |||
Grand Junction - Airport | COLORADO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,000,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,800,000 | |||
Costs capitalized subsequent to acquisition | 4,200,000 | |||
Gross amount carried at close of period | 14,100,000 | |||
Accumulated Depreciation | (5,500,000) | |||
Atlanta - Conyers | GEORGIA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,500,000 | |||
Initial Cost, Land | 4,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,700,000 | |||
Costs capitalized subsequent to acquisition | 5,300,000 | |||
Gross amount carried at close of period | 18,100,000 | |||
Accumulated Depreciation | (6,100,000) | |||
Pueblo | COLORADO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,800,000 | |||
Initial Cost, Land | 1,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,200,000 | |||
Costs capitalized subsequent to acquisition | 1,800,000 | |||
Gross amount carried at close of period | 10,300,000 | |||
Accumulated Depreciation | (4,500,000) | |||
Phoenix - Mesa West | ARIZONA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,500,000 | |||
Initial Cost, Land | 3,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,500,000 | |||
Costs capitalized subsequent to acquisition | 3,100,000 | |||
Gross amount carried at close of period | 16,900,000 | |||
Accumulated Depreciation | (6,000,000) | |||
Lakeland - West | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,400,000 | |||
Initial Cost, Land | 5,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,000,000 | |||
Costs capitalized subsequent to acquisition | (7,900,000) | |||
Gross amount carried at close of period | 6,800,000 | |||
Accumulated Depreciation | (900,000) | |||
Panama City | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,100,000 | |||
Initial Cost, Land | 4,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,900,000 | |||
Costs capitalized subsequent to acquisition | 1,100,000 | |||
Gross amount carried at close of period | 15,500,000 | |||
Accumulated Depreciation | (3,300,000) | |||
Mesa Superstition Springs | ARIZONA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,500,000 | |||
Initial Cost, Land | 5,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,700,000 | |||
Costs capitalized subsequent to acquisition | 2,700,000 | |||
Gross amount carried at close of period | 16,400,000 | |||
Accumulated Depreciation | (5,600,000) | |||
University of South Florida - Busch Gardens | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,600,000 | |||
Initial Cost, Land | 6,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,800,000 | |||
Costs capitalized subsequent to acquisition | (5,300,000) | |||
Gross amount carried at close of period | 9,400,000 | |||
Accumulated Depreciation | (900,000) | |||
Denver - Airport / DIA | COLORADO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,600,000 | |||
Initial Cost, Land | 4,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 13,600,000 | |||
Costs capitalized subsequent to acquisition | 6,200,000 | |||
Gross amount carried at close of period | 24,700,000 | |||
Accumulated Depreciation | (8,000,000) | |||
Albuquerque - West | NEW MEXICO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,100,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,700,000 | |||
Costs capitalized subsequent to acquisition | 2,200,000 | |||
Gross amount carried at close of period | 10,000,000 | |||
Accumulated Depreciation | (4,500,000) | |||
Miami - Airport West | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,100,000 | |||
Initial Cost, Land | 4,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 11,200,000 | |||
Costs capitalized subsequent to acquisition | 3,700,000 | |||
Gross amount carried at close of period | 19,600,000 | |||
Accumulated Depreciation | (5,900,000) | |||
Colorado Springs - South / Airport | COLORADO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,100,000 | |||
Initial Cost, Land | 1,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 11,200,000 | |||
Costs capitalized subsequent to acquisition | 1,700,000 | |||
Gross amount carried at close of period | 14,200,000 | |||
Accumulated Depreciation | (6,200,000) | |||
Ft. Lauderdale - Plantation at Peters Road | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,800,000 | |||
Initial Cost, Land | 4,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,400,000 | |||
Costs capitalized subsequent to acquisition | 3,700,000 | |||
Gross amount carried at close of period | 18,400,000 | |||
Accumulated Depreciation | (6,200,000) | |||
New Orleans Downtown | LOUISIANA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,200,000 | |||
Initial Cost, Land | 2,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 16,000,000 | |||
Costs capitalized subsequent to acquisition | 13,200,000 | |||
Gross amount carried at close of period | 31,400,000 | |||
Accumulated Depreciation | (11,100,000) | |||
Phoenix - West / Peoria | ARIZONA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,300,000 | |||
Initial Cost, Land | 4,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,800,000 | |||
Costs capitalized subsequent to acquisition | 1,700,000 | |||
Gross amount carried at close of period | 15,000,000 | |||
Accumulated Depreciation | (4,400,000) | |||
Ft. Lauderdale - Airport | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,300,000 | |||
Initial Cost, Land | 2,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,700,000 | |||
Costs capitalized subsequent to acquisition | 5,700,000 | |||
Gross amount carried at close of period | 18,900,000 | |||
Accumulated Depreciation | (6,500,000) | |||
Denver - Southwest / Lakewood | COLORADO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,800,000 | |||
Initial Cost, Land | 1,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,700,000 | |||
Costs capitalized subsequent to acquisition | 1,800,000 | |||
Gross amount carried at close of period | 9,700,000 | |||
Accumulated Depreciation | (4,300,000) | |||
Orlando - Lake Mary | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,400,000 | |||
Initial Cost, Land | 4,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,100,000 | |||
Costs capitalized subsequent to acquisition | 5,200,000 | |||
Gross amount carried at close of period | 19,600,000 | |||
Accumulated Depreciation | (6,800,000) | |||
Ocala | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,800,000 | |||
Initial Cost, Land | 2,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,700,000 | |||
Costs capitalized subsequent to acquisition | (4,600,000) | |||
Gross amount carried at close of period | 7,400,000 | |||
Accumulated Depreciation | (900,000) | |||
Phoenix - Chandler | ARIZONA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,600,000 | |||
Initial Cost, Land | 4,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,100,000 | |||
Costs capitalized subsequent to acquisition | 4,600,000 | |||
Gross amount carried at close of period | 17,300,000 | |||
Accumulated Depreciation | (4,900,000) | |||
Omaha - Southwest | NEBRASKA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 800,000 | |||
Initial Cost, Land | 600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 2,600,000 | |||
Costs capitalized subsequent to acquisition | 400,000 | |||
Gross amount carried at close of period | 3,600,000 | |||
Accumulated Depreciation | (2,700,000) | |||
Cleveland - Macedonia | OHIO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,900,000 | |||
Initial Cost, Land | 800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 2,100,000 | |||
Costs capitalized subsequent to acquisition | 2,100,000 | |||
Gross amount carried at close of period | 5,000,000 | |||
Accumulated Depreciation | (2,400,000) | |||
Cleveland - Independence | OHIO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,300,000 | |||
Initial Cost, Land | 700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 2,900,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 6,000,000 | |||
Accumulated Depreciation | (3,500,000) | |||
Milwaukee - Delafield | WISCONSIN | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,300,000 | |||
Initial Cost, Land | 1,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,200,000 | |||
Costs capitalized subsequent to acquisition | 2,200,000 | |||
Gross amount carried at close of period | 9,100,000 | |||
Accumulated Depreciation | (3,700,000) | |||
Sheboygan | WISCONSIN | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,600,000 | |||
Initial Cost, Land | 300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,400,000 | |||
Costs capitalized subsequent to acquisition | 1,700,000 | |||
Gross amount carried at close of period | 6,400,000 | |||
Accumulated Depreciation | (5,800,000) | |||
Kansas City - North | MISSOURI | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,800,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,600,000 | |||
Costs capitalized subsequent to acquisition | 2,200,000 | |||
Gross amount carried at close of period | 6,900,000 | |||
Accumulated Depreciation | (4,100,000) | |||
Springdale | ARKANSAS | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,600,000 | |||
Initial Cost, Land | 1,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,100,000 | |||
Costs capitalized subsequent to acquisition | (400,000) | |||
Gross amount carried at close of period | 5,500,000 | |||
Accumulated Depreciation | (1,400,000) | |||
Hartford - Bradley International Airport | CONNECTICUT | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,700,000 | |||
Initial Cost, Land | 1,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,000,000 | |||
Costs capitalized subsequent to acquisition | 7,400,000 | |||
Gross amount carried at close of period | 14,700,000 | |||
Accumulated Depreciation | (5,300,000) | |||
Jacksonville - Mandarin / San Jose | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,000,000 | |||
Initial Cost, Land | 900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,200,000 | |||
Costs capitalized subsequent to acquisition | 3,500,000 | |||
Gross amount carried at close of period | 8,600,000 | |||
Accumulated Depreciation | (4,200,000) | |||
Orlando - South | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,700,000 | |||
Initial Cost, Land | 3,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,700,000 | |||
Costs capitalized subsequent to acquisition | (1,500,000) | |||
Gross amount carried at close of period | 6,600,000 | |||
Accumulated Depreciation | (1,300,000) | |||
Atlanta Midtown - Buckhead | GEORGIA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,000,000 | |||
Initial Cost, Land | 2,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 1,300,000 | |||
Costs capitalized subsequent to acquisition | 5,600,000 | |||
Gross amount carried at close of period | 8,900,000 | |||
Accumulated Depreciation | (2,100,000) | |||
Clive - West Des Moines | IOWA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,900,000 | |||
Initial Cost, Land | 1,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,200,000 | |||
Costs capitalized subsequent to acquisition | (1,400,000) | |||
Gross amount carried at close of period | 5,200,000 | |||
Accumulated Depreciation | (800,000) | |||
Chicago - Tinley Park | ILLINOIS | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,500,000 | |||
Initial Cost, Land | 500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,100,000 | |||
Costs capitalized subsequent to acquisition | 3,900,000 | |||
Gross amount carried at close of period | 8,500,000 | |||
Accumulated Depreciation | (4,500,000) | |||
Baton Rouge - Siegan Lane | LOUISIANA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,600,000 | |||
Initial Cost, Land | 1,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,500,000 | |||
Costs capitalized subsequent to acquisition | (3,000,000) | |||
Gross amount carried at close of period | 3,400,000 | |||
Accumulated Depreciation | (900,000) | |||
Auburn - Worcester | MASSACHUSETTS | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,500,000 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 1,800,000 | |||
Costs capitalized subsequent to acquisition | 2,600,000 | |||
Gross amount carried at close of period | 4,400,000 | |||
Accumulated Depreciation | (2,700,000) | |||
Detroit - Canton | MICHIGAN | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,300,000 | |||
Initial Cost, Land | 700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,900,000 | |||
Costs capitalized subsequent to acquisition | 2,200,000 | |||
Gross amount carried at close of period | 6,800,000 | |||
Accumulated Depreciation | (3,500,000) | |||
Detroit - Southgate | MICHIGAN | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,600,000 | |||
Initial Cost, Land | 700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,800,000 | |||
Costs capitalized subsequent to acquisition | 1,300,000 | |||
Gross amount carried at close of period | 6,800,000 | |||
Accumulated Depreciation | (3,600,000) | |||
Meridian | MISSISSIPPI | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,800,000 | |||
Initial Cost, Land | 1,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,300,000 | |||
Costs capitalized subsequent to acquisition | 2,000,000 | |||
Gross amount carried at close of period | 6,600,000 | |||
Accumulated Depreciation | (3,700,000) | |||
Plattsburgh | NEW YORK | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,300,000 | |||
Initial Cost, Land | 1,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,500,000 | |||
Costs capitalized subsequent to acquisition | (1,800,000) | |||
Gross amount carried at close of period | 4,300,000 | |||
Accumulated Depreciation | (1,100,000) | |||
Cleveland - Airport North | OHIO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,600,000 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 3,100,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 5,500,000 | |||
Accumulated Depreciation | (800,000) | |||
Mansfield | OHIO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,700,000 | |||
Initial Cost, Land | 1,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,700,000 | |||
Costs capitalized subsequent to acquisition | (600,000) | |||
Gross amount carried at close of period | 4,600,000 | |||
Accumulated Depreciation | (900,000) | |||
Hershey - Harrisburg Airport | PENNSYLVANIA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,300,000 | |||
Initial Cost, Land | 3,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,800,000 | |||
Costs capitalized subsequent to acquisition | (2,700,000) | |||
Gross amount carried at close of period | 6,200,000 | |||
Accumulated Depreciation | (900,000) | |||
Nashville - Franklin | TENNESSEE | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,000,000 | |||
Initial Cost, Land | 700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,500,000 | |||
Costs capitalized subsequent to acquisition | 2,500,000 | |||
Gross amount carried at close of period | 6,700,000 | |||
Accumulated Depreciation | (3,200,000) | |||
Milwaukee - Airport / Oak Creek | WISCONSIN | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,900,000 | |||
Initial Cost, Land | 800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,700,000 | |||
Costs capitalized subsequent to acquisition | 1,300,000 | |||
Gross amount carried at close of period | 7,800,000 | |||
Accumulated Depreciation | (4,100,000) | |||
Stevens Point | WISCONSIN | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 800,000 | |||
Initial Cost, Land | 200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,400,000 | |||
Costs capitalized subsequent to acquisition | 1,000,000 | |||
Gross amount carried at close of period | 4,600,000 | |||
Accumulated Depreciation | (2,600,000) | |||
Tampa - Fairgrounds Casino | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,200,000 | |||
Initial Cost, Land | 900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,000,000 | |||
Costs capitalized subsequent to acquisition | 2,000,000 | |||
Gross amount carried at close of period | 5,900,000 | |||
Accumulated Depreciation | (3,300,000) | |||
Toledo - Perrysburg | OHIO | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,700,000 | |||
Initial Cost, Land | 1,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 1,800,000 | |||
Costs capitalized subsequent to acquisition | 2,000,000 | |||
Gross amount carried at close of period | 5,400,000 | |||
Accumulated Depreciation | (2,100,000) | |||
Columbia | MISSOURI | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,300,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,600,000 | |||
Costs capitalized subsequent to acquisition | (1,300,000) | |||
Gross amount carried at close of period | 4,400,000 | |||
Accumulated Depreciation | (1,300,000) | |||
Melbourne Viera | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,200,000 | |||
Initial Cost, Land | 7,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,200,000 | |||
Costs capitalized subsequent to acquisition | 2,500,000 | |||
Gross amount carried at close of period | 15,500,000 | |||
Accumulated Depreciation | (3,900,000) | |||
Naples - East | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,200,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,200,000 | |||
Costs capitalized subsequent to acquisition | 500,000 | |||
Gross amount carried at close of period | 6,700,000 | |||
Accumulated Depreciation | (900,000) | |||
Sunrise Sawgrass Mills | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,400,000 | |||
Initial Cost, Land | 3,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,200,000 | |||
Costs capitalized subsequent to acquisition | 5,300,000 | |||
Gross amount carried at close of period | 14,300,000 | |||
Accumulated Depreciation | (5,500,000) | |||
Detroit - Utica | MICHIGAN | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,200,000 | |||
Initial Cost, Land | 2,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,400,000 | |||
Costs capitalized subsequent to acquisition | 5,800,000 | |||
Gross amount carried at close of period | 13,300,000 | |||
Accumulated Depreciation | (4,600,000) | |||
Miami - Cutler Bay | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,100,000 | |||
Initial Cost, Land | 4,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,900,000 | |||
Costs capitalized subsequent to acquisition | (300,000) | |||
Gross amount carried at close of period | 9,200,000 | |||
Accumulated Depreciation | (1,600,000) | |||
Chicago - Willowbrook | ILLINOIS | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,800,000 | |||
Initial Cost, Land | 2,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,300,000 | |||
Costs capitalized subsequent to acquisition | (2,400,000) | |||
Gross amount carried at close of period | 6,200,000 | |||
Accumulated Depreciation | (1,000,000) | |||
Austin Round Rock | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,500,000 | |||
Initial Cost, Land | 1,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 1,600,000 | |||
Costs capitalized subsequent to acquisition | 3,200,000 | |||
Gross amount carried at close of period | 6,000,000 | |||
Accumulated Depreciation | (700,000) | |||
Milwaukee - West / New Berlin | WISCONSIN | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,300,000 | |||
Initial Cost, Land | 3,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 2,200,000 | |||
Costs capitalized subsequent to acquisition | (600,000) | |||
Gross amount carried at close of period | 5,300,000 | |||
Accumulated Depreciation | (700,000) | |||
Boston - Somerville | MASSACHUSETTS | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,800,000 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 12,500,000 | |||
Costs capitalized subsequent to acquisition | 4,000,000 | |||
Gross amount carried at close of period | 16,500,000 | |||
Accumulated Depreciation | (8,200,000) | |||
Los Angeles - LAX Airport | California | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,300,000 | |||
Initial Cost, Land | 3,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 17,600,000 | |||
Costs capitalized subsequent to acquisition | 32,700,000 | |||
Gross amount carried at close of period | 53,400,000 | |||
Accumulated Depreciation | (15,400,000) | |||
Orange County Airport | California | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,100,000 | |||
Initial Cost, Land | 2,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 12,400,000 | |||
Costs capitalized subsequent to acquisition | 16,300,000 | |||
Gross amount carried at close of period | 30,900,000 | |||
Accumulated Depreciation | (9,700,000) | |||
Myrtle Beach- North Kings Highway | SOUTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,900,000 | |||
Initial Cost, Land | 1,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,700,000 | |||
Costs capitalized subsequent to acquisition | 6,500,000 | |||
Gross amount carried at close of period | 13,400,000 | |||
Accumulated Depreciation | (4,600,000) | |||
Islip - MacArthur Airport | NEW YORK | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,600,000 | |||
Initial Cost, Land | 2,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 16,900,000 | |||
Costs capitalized subsequent to acquisition | (6,600,000) | |||
Gross amount carried at close of period | 12,600,000 | |||
Accumulated Depreciation | (2,000,000) | |||
Anaheim | California | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,600,000 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 7,300,000 | |||
Costs capitalized subsequent to acquisition | 5,100,000 | |||
Gross amount carried at close of period | 12,400,000 | |||
Accumulated Depreciation | (5,600,000) | |||
Minneapolis - Bloomington West | MINNESOTA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,300,000 | |||
Initial Cost, Land | 2,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 12,200,000 | |||
Costs capitalized subsequent to acquisition | 11,700,000 | |||
Gross amount carried at close of period | 26,000,000 | |||
Accumulated Depreciation | (9,500,000) | |||
Chicago Downtown | ILLINOIS | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,200,000 | |||
Initial Cost, Land | 1,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,400,000 | |||
Costs capitalized subsequent to acquisition | 49,200,000 | |||
Gross amount carried at close of period | 59,100,000 | |||
Accumulated Depreciation | (17,700,000) | |||
Fort Lauderdale - Northeast | Florida | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 9,200,000 | |||
Costs capitalized subsequent to acquisition | (900,000) | |||
Gross amount carried at close of period | 8,300,000 | |||
Accumulated Depreciation | (2,400,000) | |||
West Palm Beach - Florida Turnpike | Florida | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,300,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,400,000 | |||
Costs capitalized subsequent to acquisition | 4,400,000 | |||
Gross amount carried at close of period | 11,900,000 | |||
Accumulated Depreciation | (4,500,000) | |||
South Burlington | VERMONT | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,000,000 | |||
Initial Cost, Land | 1,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,300,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 11,400,000 | |||
Accumulated Depreciation | (4,000,000) | |||
St. Albans | VERMONT | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,900,000 | |||
Initial Cost, Land | 1,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,700,000 | |||
Costs capitalized subsequent to acquisition | (1,100,000) | |||
Gross amount carried at close of period | 4,800,000 | |||
Accumulated Depreciation | (1,100,000) | |||
Fort Myers Beach / Sanibel Gateway | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,800,000 | |||
Initial Cost, Land | 1,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,800,000 | |||
Costs capitalized subsequent to acquisition | 9,700,000 | |||
Gross amount carried at close of period | 21,200,000 | |||
Accumulated Depreciation | (5,300,000) | |||
Charlotte - Airport North | NORTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,500,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,100,000 | |||
Costs capitalized subsequent to acquisition | 2,900,000 | |||
Gross amount carried at close of period | 8,000,000 | |||
Accumulated Depreciation | (3,600,000) | |||
Charleston - Riverview | SOUTH CAROLINA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,600,000 | |||
Initial Cost, Land | 1,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,900,000 | |||
Costs capitalized subsequent to acquisition | 4,000,000 | |||
Gross amount carried at close of period | 15,700,000 | |||
Accumulated Depreciation | (5,500,000) | |||
Sacramento - Rancho Cordova | California | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,100,000 | |||
Initial Cost, Land | 2,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,300,000 | |||
Costs capitalized subsequent to acquisition | 8,800,000 | |||
Gross amount carried at close of period | 20,700,000 | |||
Accumulated Depreciation | (5,400,000) | |||
Thousand Oaks - Newbury Park | California | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,200,000 | |||
Initial Cost, Land | 2,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 11,500,000 | |||
Costs capitalized subsequent to acquisition | 600,000 | |||
Gross amount carried at close of period | 14,100,000 | |||
Accumulated Depreciation | (6,100,000) | |||
Baltimore - North | MARYLAND | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,600,000 | |||
Initial Cost, Land | 2,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 12,300,000 | |||
Costs capitalized subsequent to acquisition | (6,600,000) | |||
Gross amount carried at close of period | 7,900,000 | |||
Accumulated Depreciation | (1,100,000) | |||
Baltimore - BWI Airport | MARYLAND | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,600,000 | |||
Initial Cost, Land | 3,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 18,300,000 | |||
Costs capitalized subsequent to acquisition | (12,200,000) | |||
Gross amount carried at close of period | 9,300,000 | |||
Accumulated Depreciation | (1,300,000) | |||
Columbia / Fort Meade | MARYLAND | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,400,000 | |||
Initial Cost, Land | 2,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 13,400,000 | |||
Costs capitalized subsequent to acquisition | (11,900,000) | |||
Gross amount carried at close of period | 4,000,000 | |||
Accumulated Depreciation | (1,000,000) | |||
New Haven | CONNECTICUT | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,800,000 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 6,100,000 | |||
Costs capitalized subsequent to acquisition | 1,000,000 | |||
Gross amount carried at close of period | 7,100,000 | |||
Accumulated Depreciation | (2,000,000) | |||
Portland | MAINE | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,600,000 | |||
Initial Cost, Land | 1,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,400,000 | |||
Costs capitalized subsequent to acquisition | 9,400,000 | |||
Gross amount carried at close of period | 16,100,000 | |||
Accumulated Depreciation | (4,500,000) | |||
Salem | NEW HAMPSHIRE | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,800,000 | |||
Initial Cost, Land | 1,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,900,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 8,600,000 | |||
Accumulated Depreciation | (900,000) | |||
Stamford / New York City | CONNECTICUT | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,900,000 | |||
Initial Cost, Land | 5,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 16,800,000 | |||
Costs capitalized subsequent to acquisition | (8,600,000) | |||
Gross amount carried at close of period | 13,800,000 | |||
Accumulated Depreciation | (7,100,000) | |||
Warwick Providence Airport | RHODE ISLAND | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,900,000 | |||
Initial Cost, Land | 2,900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 10,300,000 | |||
Costs capitalized subsequent to acquisition | (5,700,000) | |||
Gross amount carried at close of period | 7,500,000 | |||
Accumulated Depreciation | (1,000,000) | |||
Virginia Beach | VIRGINIA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,800,000 | |||
Initial Cost, Land | 3,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,600,000 | |||
Costs capitalized subsequent to acquisition | 9,200,000 | |||
Gross amount carried at close of period | 21,500,000 | |||
Accumulated Depreciation | (5,400,000) | |||
Garden City | NEW YORK | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,300,000 | |||
Initial Cost, Land | 7,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 14,800,000 | |||
Costs capitalized subsequent to acquisition | (9,400,000) | |||
Gross amount carried at close of period | 13,000,000 | |||
Accumulated Depreciation | (1,800,000) | |||
Oshkosh | WISCONSIN | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,400,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 2,700,000 | |||
Costs capitalized subsequent to acquisition | 2,100,000 | |||
Gross amount carried at close of period | 5,800,000 | |||
Accumulated Depreciation | (4,200,000) | |||
Fort Lauderdale - Tamarac East | Florida | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,100,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 2,000,000 | |||
Costs capitalized subsequent to acquisition | 3,400,000 | |||
Gross amount carried at close of period | 6,400,000 | |||
Accumulated Depreciation | (1,300,000) | |||
Tampa - Brandon West | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,500,000 | |||
Initial Cost, Land | 6,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,000,000 | |||
Costs capitalized subsequent to acquisition | (3,400,000) | |||
Gross amount carried at close of period | 6,300,000 | |||
Accumulated Depreciation | (1,300,000) | |||
Atlanta - Roswell | GEORGIA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,700,000 | |||
Initial Cost, Land | 1,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 2,300,000 | |||
Costs capitalized subsequent to acquisition | 2,500,000 | |||
Gross amount carried at close of period | 6,000,000 | |||
Accumulated Depreciation | (2,600,000) | |||
Indianapolis - East/Post Drive | INDIANA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,300,000 | |||
Initial Cost, Land | 3,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,600,000 | |||
Costs capitalized subsequent to acquisition | (4,500,000) | |||
Gross amount carried at close of period | 3,600,000 | |||
Accumulated Depreciation | (700,000) | |||
Kenosha - Pleasant Prairie | WISCONSIN | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 900,000 | |||
Initial Cost, Land | 900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,000,000 | |||
Costs capitalized subsequent to acquisition | 1,300,000 | |||
Gross amount carried at close of period | 5,200,000 | |||
Accumulated Depreciation | (3,500,000) | |||
North Little Rock - McCain Mall | ARKANSAS | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,500,000 | |||
Initial Cost, Land | 900,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,200,000 | |||
Costs capitalized subsequent to acquisition | 2,000,000 | |||
Gross amount carried at close of period | 7,100,000 | |||
Accumulated Depreciation | (3,500,000) | |||
Savannah - Southside | GEORGIA | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,700,000 | |||
Initial Cost, Land | 1,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,200,000 | |||
Costs capitalized subsequent to acquisition | 2,700,000 | |||
Gross amount carried at close of period | 8,700,000 | |||
Accumulated Depreciation | (4,800,000) | |||
Albuquerque - Northwest | NEW MEXICO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 4,400,000 | |||
Costs capitalized subsequent to acquisition | (2,100,000) | |||
Gross amount carried at close of period | 2,300,000 | |||
Accumulated Depreciation | (600,000) | |||
Houston - Baytown East | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,900,000 | |||
Initial Cost, Land | 400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 1,400,000 | |||
Costs capitalized subsequent to acquisition | 2,900,000 | |||
Gross amount carried at close of period | 4,700,000 | |||
Accumulated Depreciation | (2,300,000) | |||
Nashville - Airport | TENNESSEE | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,100,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,200,000 | |||
Costs capitalized subsequent to acquisition | 2,800,000 | |||
Gross amount carried at close of period | 9,000,000 | |||
Accumulated Depreciation | (5,200,000) | |||
Minneapolis Airport / Bloomington | MINNESOTA | La Quinta Inns | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,000,000 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 7,000,000 | |||
Costs capitalized subsequent to acquisition | 4,100,000 | |||
Gross amount carried at close of period | 11,100,000 | |||
Accumulated Depreciation | (10,000,000) | |||
Las Cruces - Organ Mountain | NEW MEXICO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,200,000 | |||
Initial Cost, Land | 2,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 1,600,000 | |||
Costs capitalized subsequent to acquisition | (1,300,000) | |||
Gross amount carried at close of period | 2,900,000 | |||
Accumulated Depreciation | (700,000) | |||
El Paso - East | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,500,000 | |||
Initial Cost, Land | 1,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,900,000 | |||
Costs capitalized subsequent to acquisition | 1,800,000 | |||
Gross amount carried at close of period | 8,000,000 | |||
Accumulated Depreciation | (3,500,000) | |||
El Paso - West Bartlett | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 900,000 | |||
Initial Cost, Land | 1,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,300,000 | |||
Costs capitalized subsequent to acquisition | (1,800,000) | |||
Gross amount carried at close of period | 3,500,000 | |||
Accumulated Depreciation | (800,000) | |||
Lakeland - East | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,800,000 | |||
Initial Cost, Land | 5,300,000 | |||
Initial Cost, Buildings and improvements and FF&E | 3,800,000 | |||
Costs capitalized subsequent to acquisition | (3,000,000) | |||
Gross amount carried at close of period | 6,100,000 | |||
Accumulated Depreciation | (1,200,000) | |||
Miami - Airport East | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,900,000 | |||
Initial Cost, Land | 2,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,100,000 | |||
Costs capitalized subsequent to acquisition | 6,500,000 | |||
Gross amount carried at close of period | 15,200,000 | |||
Accumulated Depreciation | (6,800,000) | |||
Boston-Andover | MASSACHUSETTS | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,800,000 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 1,900,000 | |||
Costs capitalized subsequent to acquisition | 12,300,000 | |||
Gross amount carried at close of period | 14,200,000 | |||
Accumulated Depreciation | (4,400,000) | |||
Denver - Englewood/Tech Center | COLORADO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,500,000 | |||
Initial Cost, Land | 1,400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 4,100,000 | |||
Costs capitalized subsequent to acquisition | 2,600,000 | |||
Gross amount carried at close of period | 8,100,000 | |||
Accumulated Depreciation | (1,600,000) | |||
Bannockburn/Deerfield | ILLINOIS | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 9,200,000 | |||
Costs capitalized subsequent to acquisition | (4,000,000) | |||
Gross amount carried at close of period | 5,200,000 | |||
Accumulated Depreciation | (2,200,000) | |||
Cincinnati - Sharonville | OHIO | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,400,000 | |||
Initial Cost, Land | 2,800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,600,000 | |||
Costs capitalized subsequent to acquisition | (1,800,000) | |||
Gross amount carried at close of period | 9,600,000 | |||
Accumulated Depreciation | (1,500,000) | |||
San Antonio - Downtown | Texas | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,100,000 | |||
Initial Cost, Land | 2,500,000 | |||
Initial Cost, Buildings and improvements and FF&E | 13,000,000 | |||
Costs capitalized subsequent to acquisition | 6,600,000 | |||
Gross amount carried at close of period | 22,100,000 | |||
Accumulated Depreciation | (7,100,000) | |||
Appleton - College Avenue | WISCONSIN | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,600,000 | |||
Initial Cost, Land | 1,600,000 | |||
Initial Cost, Buildings and improvements and FF&E | 5,100,000 | |||
Costs capitalized subsequent to acquisition | 2,200,000 | |||
Gross amount carried at close of period | 8,900,000 | |||
Accumulated Depreciation | (6,200,000) | |||
Milwaukee Bayshore Area | WISCONSIN | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,800,000 | |||
Initial Cost, Land | 400,000 | |||
Initial Cost, Buildings and improvements and FF&E | 11,200,000 | |||
Costs capitalized subsequent to acquisition | (5,100,000) | |||
Gross amount carried at close of period | 6,500,000 | |||
Accumulated Depreciation | (1,600,000) | |||
Madison - American Center | WISCONSIN | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,900,000 | |||
Initial Cost, Land | 1,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,000,000 | |||
Costs capitalized subsequent to acquisition | (2,000,000) | |||
Gross amount carried at close of period | 7,100,000 | |||
Accumulated Depreciation | (2,000,000) | |||
Clifton/Rutherford | NEW JERSEY | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 24,600,000 | |||
Costs capitalized subsequent to acquisition | 8,300,000 | |||
Gross amount carried at close of period | 32,900,000 | |||
Accumulated Depreciation | (19,000,000) | |||
Fairfield | NEW JERSEY | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 1,700,000 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 7,700,000 | |||
Costs capitalized subsequent to acquisition | (6,100,000) | |||
Gross amount carried at close of period | 1,600,000 | |||
Accumulated Depreciation | (300,000) | |||
Armonk Westchester County Airport | NEW YORK | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and improvements and FF&E | 8,400,000 | |||
Costs capitalized subsequent to acquisition | (8,400,000) | |||
Gross amount carried at close of period | 0 | |||
Accumulated Depreciation | 0 | |||
Coral Springs South | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,300,000 | |||
Initial Cost, Land | 2,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,700,000 | |||
Costs capitalized subsequent to acquisition | 1,000,000 | |||
Gross amount carried at close of period | 10,800,000 | |||
Accumulated Depreciation | (2,200,000) | |||
Deerfield Beach I-95 | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,100,000 | |||
Initial Cost, Land | 800,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,500,000 | |||
Costs capitalized subsequent to acquisition | (1,200,000) | |||
Gross amount carried at close of period | 6,100,000 | |||
Accumulated Depreciation | (700,000) | |||
Sunrise | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,900,000 | |||
Initial Cost, Land | 3,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,300,000 | |||
Costs capitalized subsequent to acquisition | 700,000 | |||
Gross amount carried at close of period | 13,000,000 | |||
Accumulated Depreciation | (2,400,000) | |||
Miami Lakes | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,500,000 | |||
Initial Cost, Land | 3,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,000,000 | |||
Costs capitalized subsequent to acquisition | 1,700,000 | |||
Gross amount carried at close of period | 13,400,000 | |||
Accumulated Depreciation | (2,800,000) | |||
Naples - Downtown | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,900,000 | |||
Initial Cost, Land | 2,700,000 | |||
Initial Cost, Buildings and improvements and FF&E | 8,300,000 | |||
Costs capitalized subsequent to acquisition | 1,300,000 | |||
Gross amount carried at close of period | 12,300,000 | |||
Accumulated Depreciation | (2,300,000) | |||
Plantation - SW 6th Street | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,000,000 | |||
Initial Cost, Land | 2,200,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,100,000 | |||
Costs capitalized subsequent to acquisition | 2,400,000 | |||
Gross amount carried at close of period | 13,700,000 | |||
Accumulated Depreciation | (2,800,000) | |||
Sarasota Downtown | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,000,000 | |||
Initial Cost, Land | 2,100,000 | |||
Initial Cost, Buildings and improvements and FF&E | 9,500,000 | |||
Costs capitalized subsequent to acquisition | (3,800,000) | |||
Gross amount carried at close of period | 7,800,000 | |||
Accumulated Depreciation | (900,000) | |||
West Palm Beach Airport | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,100,000 | |||
Initial Cost, Land | 2,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 7,500,000 | |||
Costs capitalized subsequent to acquisition | 500,000 | |||
Gross amount carried at close of period | 10,000,000 | |||
Accumulated Depreciation | (2,000,000) | |||
Fort Lauderdale - Tamarac | Florida | La Quinta Inns And Suites | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 2,200,000 | |||
Initial Cost, Land | 2,000,000 | |||
Initial Cost, Buildings and improvements and FF&E | 6,700,000 | |||
Costs capitalized subsequent to acquisition | (1,200,000) | |||
Gross amount carried at close of period | 7,500,000 | |||
Accumulated Depreciation | $ (800,000) |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation Schedule III - Real Estate and Accumulated Depreciation Rollforward (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate: | |||
Balance at the beginning of the year | $ 3,643,000,000 | $ 3,808,000,000 | $ 3,697,000,000 |
Additions/improvements | 95,000,000 | 188,000,000 | 186,000,000 |
Assets disposed/written-off/impaiments | (625,000,000) | (353,000,000) | (75,000,000) |
Balance at the end of the year | 3,113,000,000 | 3,643,000,000 | 3,808,000,000 |
Accumulated Depreciation: | |||
Balance at the beginning of the year | 1,386,000,000 | 1,425,000,000 | 1,332,000,000 |
Depreciation expense | 181,000,000 | 154,000,000 | 140,000,000 |
Deductions | (351,000,000) | (193,000,000) | (47,000,000) |
Balance at the end of the year | $ 1,216,000,000 | $ 1,386,000,000 | $ 1,425,000,000 |
Uncategorized Items - cplg10k-1
Label | Element | Value |
Treasury Stock, Value, Acquired, Cost Method | us-gaap_TreasuryStockValueAcquiredCostMethod | $ 2,000,000 |
Treasury Stock, Value, Acquired, Cost Method | us-gaap_TreasuryStockValueAcquiredCostMethod | 4,000,000 |
Additional Paid-in Capital [Member] | ||
Treasury Stock, Value, Acquired, Cost Method | us-gaap_TreasuryStockValueAcquiredCostMethod | $ 4,000,000 |
Common Stock [Member] | ||
Treasury Stock, Shares, Acquired | us-gaap_TreasuryStockSharesAcquired | 200,000 |
Treasury Stock, Shares, Acquired | us-gaap_TreasuryStockSharesAcquired | 100,000 |
Treasury Stock [Member] | ||
Treasury Stock, Value, Acquired, Cost Method | us-gaap_TreasuryStockValueAcquiredCostMethod | $ 2,000,000 |